Greystone, a leading national commercial real estate finance company, has provided a $58.6 million Freddie Mac Workforce Preservation program loan to refinance a 427-unit multifamily property in Elk Grove Village, Illinois. The financing was originated by Greystone Senior Managing Directors Eric Rosenstock and Dan Sacks, on behalf of Bayshore Properties, a long-time Greystone client.

Built in 1968, Terraces of Elk Grove in Cook County is a garden-style community consisting of nine apartment buildings, including a clubhouse, with one- and two-bedroom units. The $58,605,000 non-recourse, fixed rate financing—which refinances an existing Greystone bridge loan on the property—features a 10-year term and 35-year amortization, with five years of interest-only payments. In accordance with Freddie Mac’s Preservation program, 30% of the units are designated for households earning under 80% of Area Median Income (AMI). 

“Greystone is committed to facilitating transactions that enable multifamily investors to provide quality, affordable housing to families in and around Chicago,” said Mr. Sacks. “Our wide range of lending platforms means that we have the right solutions for most any property finance need.”  

“We’re big fans of Greystone because of their extensive experience in multifamily lending and deep understanding of affordable housing in particular,” said Mr. Nikola Kozul, principal of the borrower. “On every transaction, Greystone exceeds our expectations with financing solutions that work to the benefit of the families who call our properties ‘home’.”

Greystone and Cushman & Wakefield jointly announced they provided acquisition financing for, and arranged the sale of, respectively, Country Place Apartments, a 312-unit multifamily property in Burtonsville, Maryland.

Cushman & Wakefield’s Anthony “TJ” Liberto, Managing Director, and Jorge Rosa, Executive Managing Director, represented the seller in the $62.5 million transaction. Alex Basile, an Executive Director at both Greystone and Cushman & Wakefield, originated a $40.7 million, 7-year Freddie Mac Optigo® loan to finance the acquisition.

Country Place Apartments boasts a range of amenities, including an outdoor pool, fitness center, landscaped exercise paths, on-site dog park, playground, Tech Bar and car care center. The property is located just off Route 29 in Montgomery County, with easy access to major commuter routes like the ICC, I-95, and I-495. Residents can enjoy the shopping, dining, and entertainment options in Burtonsville or in nearby Silver Spring, Laurel, and Columbia.

“Country Place was purchased in a very creative structure utilizing a buy-right PILOT afforded to buyers in Montgomery County to maintain affordability for residents. Our sales execution in an everchanging investor landscape shows that attractive debt and pricing is attainable,” said Jorge Rosa, Executive Managing Director at Cushman & Wakefield.

"Greystone’s collaboration with Cushman & Wakefield enables our clients to benefit from end-to-end solutions for all of their property investment needs," said Alex Basile, Executive Director at both Greystone and Cushman & Wakefield.

Firm Achieves Ranking of #6 Overall Lender by Volume for Fannie Mae, #8 Overall for Freddie Mac; Ranks #1 for Fannie Mae Small Loans Volume in 2024 and 7^th Overall for Both GSEs Combined

Greystone Servicing Company LLC, a leading national commercial real estate finance company, announced it ranks in the Top 10 for total production volume of both Fannie Mae and Freddie Mac loans in 2024. Greystone ranks as the #6 lender for Fannie Mae Delegated Underwriting and Servicing (DUS®) loans and as the #8 lender for Freddie Mac Optigo® loans. In total, Greystone ranks as the #7 overall lender for combined Fannie Mae and Freddie Mac loan volume for this period. The rankings are based on recently-released public data on 2024 lending volume from Fannie Mae and Freddie Mac.

In 2024, Greystone once again ranked #1 for volume for all lenders in Fannie Mae Small Loans, illustrating its commitment to middle-market and workforce housing markets nationwide.

“Greystone is committed to helping Fannie Mae and Freddie Mac achieve their mission-driven housing goals – in any market environment – and we celebrate the work they’ve done to date to help support affordable, seniors, and workforce housing nationally,” said Charlie Baxter, head of Agency lending at Greystone. “We are thrilled to be a consistent top lender, and this achievement is a testament to our close working relationship with the GSEs as we navigate the market together.”

Greystone also ranks as the #1* multifamily and healthcare lender in volume for HUD-insured loans during its fiscal year ending September 30, 2024.

*For HUD’s 2024 fiscal year. Based upon combined firm commitments of Greystone Funding Company LLC and Greystone Servicing Company LLC. 

Greystone, a leading national commercial real estate finance company, announced it has assisted Webster Bank N.A. in completing a $303 million Freddie Mac Q-Series securitization. The transaction was collateralized by 19 loans, secured by 31 properties with a total of 1,236 units, all located on the East Coast.

The transaction was led on behalf of Webster Bank by Greystone’s Structured Products Group, including Leena Amin, Senior Managing Director; Greg Darling, Managing Director; and Directors Max Garelick and Scott Fuller.

“This liquidity vehicle is an attractive option for banks with a wide range of multifamily loan types, particularly mission-driven assets such as small balance, LIHTC or preservation loans,” said Ms. Amin, who heads Greystone’s Structured Products Group. “Our specialized team at Greystone has extensive experience in securitizations, offering the necessary expertise to guide loan sellers on capital markets strategies or purchases of commercial real estate loan portfolios directly from the market.”

To learn more about Freddie Mac’s Q-Deals, visit www.mf.freddiemac.com.

Greystone, a leading national commercial real estate finance company, has provided a $26,109,000 Freddie Mac loan to refinance a 180-unit multifamily property in Myrtle Beach, South Carolina. The financing was originated by Avi Kozlowski, Managing Director at Greystone, on behalf of Eskay Management, a repeat client.

Originally constructed in 1998, Reserve at Ridgewood in Horry County is a garden-style apartment community featuring two- and three-bedroom units set across 15 residential buildings. The property’s amenities include a clubhouse, swimming pool, fitness center, laundry facilities, dog park, storage units, playground, grill and picnic area. The $26,109,000 non-recourse, fixed-rate loan features a five-year term and 30-amortization, with interest-only payments for the first two years of the term.

“We’re thrilled when clients come back to Greystone for multiple properties in their portfolios – there is no greater show of trust in our process, platform and multifamily expertise,” said Mr. Kozlowski. “We are committed to achieving the best outcomes for our clients, and work to deliver exceptional solutions seamlessly and quickly every time.”

“Our Greystone team understands our vision for the multifamily properties in our portfolio and they’re determine to ensure we achieve it, every time,” said Mr. Yehuda Shechter, principal of the borrower. “The depth of their market and product knowledge is unparalleled, which is why we consider them as a true partner and collaborator on our transactions.”

Greystone, a leading national commercial real estate finance company, announced it has provided a Freddie Mac loan to refinance a 357-unit multifamily property located in Schaumburg, IL. The financing was originated by Eric Rosenstock and Dan Sacks, both Senior Managing Directors at Greystone, on behalf of Bayshore Properties.

Greystone provided a $55,620,000 five-year, interest-only Freddie Mac Optigo® loan. An additional $6,000,000 in preferred equity funds were provided by 7Acres at closing, totaling $61.6 million for the transaction. 

21 Kristen Apartments is a condo deconversion that the borrower acquired in 2022 and who has since invested over $2.5 million in capital expenditures. The property has 30% of its units reserved for residents at 30% to 80% Area Median Income (AMI). Located in the Chicago MSA submarket of Schaumburg, 21 Kristen is within a neighborhood boasting a mix of municipal/recreational, residential, retail, and office uses. The multifamily property comprises one-, two-, and three-bedroom units and includes community amenities such as a pool, fitness center, and library / meeting room.

“Greystone is a highly reliable lender with an excellent suite of options for borrowers,” said Mr. Nick Kozul, principal, Bayshore Properties. “The Greystone team is beyond dedicated to exceeding expectations and we value our collaboration.”

“It’s been an honor to work with Bayshore Properties over the years and help their portfolio grow in size and strength,” said Mr. Rosenstock. “This recent refinance, which is a take-out of previous Greystone debt, helps set the property up for success as we move toward the next CRE market cycle.”