Greystone, a leading national commercial real estate finance company, has provided $8,900,000 in total Fannie Mae Delegated Underwriting and Servicing (DUS®) loans to refinance two multifamily communities in Melbourne and Tampa, Florida. The fixed-rate, 10 and 15-year term loans with 25-year amortization schedules and full-term interest-only were originated by Cullen O’Grady, managing director in Greystone’s Rockville, MD office.

The first loan refinances Meadowdale Apartments, a 65-unit cardinal-style multifamily property community on 4.18 acres developed in 1984. The second loan refinances Curiosity Creek Apartments, an 83-unit cardinal-style multifamily property community on 4.10 acres developed in 1982. Both properties were 100% occupied at closing and are located in well-diversified industry workforce housing areas and strong suburban rental submarkets.

The sponsor is a private company and repeat Greystone client with a strong-established track record and portfolio of Fannie Mae loans for multifamily properties.

 

“We executed both loans swiftly with full-term interest-only and very favorable terms through Fannie Mae’s Streamline Rate Lock process, allowing the borrower to lock their rate after application during an extremely turbulent and volatile treasury market,” said Mr. O’Grady. “The borrower was able to achieve a strategic combination of cash-out and to secure a significant decrease in the interest rate on both transactions. We are always grateful when clients come to Greystone for agency financing solutions, placing their trust not only in our lending capabilities but also our industry leading expertise especially during challenging times in the market.”

Greystone Pilots Its First High School Externship in The Bronx and Launches Bridge Career Scholarship Program This Fall to Fast-Track College Students Into Internship Opportunities in CRE                                                                                        

NEW YORK, NY (August 31, 2022)Greystone, a leading national commercial real estate finance company, and Project Destined, a leading social impact platform that provides training in financial literacy, entrepreneurship, and real estate, have expanded their partnership with two new engagements to increase exposure and opportunities for emerging leaders in commercial real estate.

This summer, Greystone hosted 15 students in a summer intensive program that introduced high school students from Comp Sci High in The Bronx to key CRE finance topics, as well as matching the students with Greystone mentors to guide them in real-world deal analytics. Comp Sci High students also visited a Greystone multifamily development project in Harlem, NYC to learn how a project progresses from spreadsheets to hammers and to see first-hand how a multifamily property is managed once complete.

This month, Greystone also launched a new bridge career development program open to students at HBCUs and other colleges nationwide. Accepted applicants receive a scholarship for the seven-week program which includes CRE curriculum, mentorship, and site visits to Greystone offices to learn more about the company and the work it does across various business lines – real estate lending, asset management, and underwriting.

Project Destined, founded by former Carlyle Group executive Cedric Bobo, has partnered with over 150 leading real estate firms and over 200 universities around the country since its founding to provide diverse students with paid, virtual internship opportunities where they explore the real estate industry and ownership through live real estate deals in various cities across the U.S.

“In order for students to be successful, they need exposure to the skills and resources needed to build a career in CRE, and our internships programs are designed to do just that, with a combination of curriculum, mentorship, and real-world application,” said Mr. Bobo. “We appreciate Greystone’s entrepreneurial approach in taking students under their wing, going above and beyond, and growing these programs with us as we expand the impact we can have on bringing opportunities to students nationwide.”

“We are so thrilled to build on our successful relationship with Project Destined, which has opened doors wide for CRE career hopefuls, and formed impactful bonds between our mentors and the students, who have shown so much promise for the future,” said Pranika Sinha, Head of DEI at Greystone.

 

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

 

 

About Project Destined
Project Destined is a leading social impact platform that provides training in financial literacy, entrepreneurship, and real estate. Project Destined partners with corporations, schools, and non-profits to deliver training using its proprietary e-learning platform and live courses. Project Destined leverages a work-based learning approach where students work with executives to evaluate live deals in their community and present them in a pitch competition to industry leaders. Scholars emerge with the skills, confidence, experiences, and networks that prepare them to secure a strong first job and to become stakeholders in their community. For more information, please visit projectdestined.com.

Greystone Pilots Its First High School Externship in The Bronx and Launches Bridge Career Scholarship Program This Fall to Fast-Track College Students Into Internship Opportunities in CRE                                                                                        

NEW YORK, NY (August 31, 2022)Greystone, a leading national commercial real estate finance company, and Project Destined, a leading social impact platform that provides training in financial literacy, entrepreneurship, and real estate, have expanded their partnership with two new engagements to increase exposure and opportunities for emerging leaders in commercial real estate.

This summer, Greystone hosted 15 students in a summer intensive program that introduced high school students from Comp Sci High in The Bronx to key CRE finance topics, as well as matching the students with Greystone mentors to guide them in real-world deal analytics. Comp Sci High students also visited a Greystone multifamily development project in Harlem, NYC to learn how a project progresses from spreadsheets to hammers and to see first-hand how a multifamily property is managed once complete.

This month, Greystone also launched a new bridge career development program open to students at HBCUs and other colleges nationwide. Accepted applicants receive a scholarship for the seven-week program which includes CRE curriculum, mentorship, and site visits to Greystone offices to learn more about the company and the work it does across various business lines – real estate lending, asset management, and underwriting.

Project Destined, founded by former Carlyle Group executive Cedric Bobo, has partnered with over 150 leading real estate firms and over 200 universities around the country since its founding to provide diverse students with paid, virtual internship opportunities where they explore the real estate industry and ownership through live real estate deals in various cities across the U.S.

“In order for students to be successful, they need exposure to the skills and resources needed to build a career in CRE, and our internships programs are designed to do just that, with a combination of curriculum, mentorship, and real-world application,” said Mr. Bobo. “We appreciate Greystone’s entrepreneurial approach in taking students under their wing, going above and beyond, and growing these programs with us as we expand the impact we can have on bringing opportunities to students nationwide.”

“We are so thrilled to build on our successful relationship with Project Destined, which has opened doors wide for CRE career hopefuls, and formed impactful bonds between our mentors and the students, who have shown so much promise for the future,” said Pranika Sinha, Head of DEI at Greystone.

 

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

 

 

About Project Destined
Project Destined is a leading social impact platform that provides training in financial literacy, entrepreneurship, and real estate. Project Destined partners with corporations, schools, and non-profits to deliver training using its proprietary e-learning platform and live courses. Project Destined leverages a work-based learning approach where students work with executives to evaluate live deals in their community and present them in a pitch competition to industry leaders. Scholars emerge with the skills, confidence, experiences, and networks that prepare them to secure a strong first job and to become stakeholders in their community. For more information, please visit projectdestined.com.

Greystone, a leading national commercial real estate finance company, placed a total of $52,560,000 in debt and equity construction financing for a 180-unit senior housing community in Gainesville, Florida. The transaction was originated by Cary Tremper and Matt Miller of Greystone, on behalf of Discovery Senior Living.

Discovery Place at Celebration Pointe is an experiential senior living community in Alachua County. The goal of the community will be to create a fully customized and immersive Senior Living experience that leverages technology, broader community infrastructure and select on-site amenities to enhance the optionality and choice of the resident while lowering the overall price point, reducing common space economic inefficiencies, and minimizing labor force exposure - without losing a sense of community, socialization and care.  

“As our clients continue to address the evolving needs and desires for our senior population today, we strive to creatively help solve their capital needs,” said Matt Miller. “Richard and his team at Discovery have always been thoughtful in their approach, deliver the highest quality product in a given market and provide best-in-class service and amenities.

 

“We are appreciative of Greystone’s assistance in getting the construction started on an exciting new product and the first community in our robust development program. Our Experiential Living community will provide our customers a unique and unmatched lifestyle that propels our industry forward to more aggressively meet our resident’s strong desire of optionality, mobility and customization of experiences, utilizing contemporary technology to deliver a myriad of traditional and non-traditional services,” said Richard J. Hutchinson, CEO of Discovery Senior Living. 

The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and closed the Fannie Mae DUS® loan assumption for Pinnacle Park at Chenal Valley, a 216-unit multifamily community located in Little Rock, Arkansas.  

Cushman & Wakefield’s Martin Bynum and Craig Hey represented the seller in the transaction. Greystone handled the Fannie Mae loan assumption, which was a loan originally provided in 2019. The multifamily property was sold by Chenal Valley – Orchard, LLC and Chenal Valley – Foxwood, LLC. The buyer is King George Apartments, LLC.

“Pinnacle Park at Chenal Valley is one of the few Class ‘A’ conventional multifamily properties in the Little Rock metro area. The buyer is excited to implement their management strategy in a market with historically high occupancy and growth opportunity,” said Bynum, Director at Cushman & Wakefield.

Built in 1999, Pinnacle Park at Chenal Valley features top-of-market features and amenities within the strong submarket of West Little Rock. This includes a clubhouse, 24-hour virtual fitness center, sparkling pool, daily coffee bar, and 24-hour package room. The property is also located in the affluent Chenal Valley area, which has been experiencing tremendous population growth.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 95-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.

 

 

New York, NY (July 22, 2022) - Greystone provided $6,960,000 in bridge financing to refinance acquisition debt for a 137-bed assisted living facility in Wellsville, NY. The transaction was originated by Christopher Clare of Greystone.

Willow Ridge Senior Living LLC, with key principals Michael & Cayelan Morris, acquired the Allegany County facility in August 2021. The facility, formerly known as Manor Hills, also includes 22 memory care beds in a separate wing.

Greystone intends to pursue HUD-insured financing as a long-term permanent exit of the bridge financing. This non-recourse, interest-only bridge loan includes an initial 24-month term with two, six-month extensions.

 

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