Cushman & Wakefield and Greystone jointly announced the firms have closed on the refinancing for Koz on MLK Way, a newly-built, 161-unit multifamily property in Tacoma, Washington.  

Cushman & Wakefield served as the exclusive advisor to an affiliate of Koz Development, LLC in arranging approximately $15.75 million of financing for the multifamily asset. The Fannie Mae DUS® financing was provided by Greystone.

A Cushman & Wakefield Equity, Debt & Structured Finance team consisting of Dave Karson, Chris Moyer, Paul Roeter, John Spreitzer and Jason Blankfein represented the borrower in the transaction.

Greystone’s Michael Zampetti originated the Fannie Mae loan, which is a 10-year, fixed-rate loan, with full-term interest only.

“The Sponsor did an amazing job delivering a product that’s both high quality and affordable in a strong market. As a result, we were able leverage the unique nature of the opportunity to get really advantageous loan terms. The Sponsor and the Cushman & Wakefield team were a pleasure to work with, and I look forward to working with them again soon,” said Senior Managing Director Michael Zampetti.  

Located at 824 Martin Luther King Junior Way, the six-story property consists of a mix of studio, 1, 2 and 3-bedroom units averaging 395 rentable square feet. The property also includes 6,370 square feet of ground floor retail space. On-site residential amenities include a furnished courtyard space equipped with BBQs and lounge seating, on-site and in-unit laundry, and private balconies for select apartments.

The location also provides convenient access to numerous amenities including restaurants, supermarkets, fitness centers, and other retailers, all within a one-mile radius. The property is also two blocks from the new future Hilltop light rail station, connecting to popular Tacoma destinations.

Executive Managing Director Chris Moyer said, “Koz on MLK Way opened in May of 2022 and through robust leasing activity was nearly fully occupied at the time of refinancing. The property represents a high-quality, highly-amenitized, affordable housing community with an urban Tacoma location offering residents a premier live-work-play residential experience with immediate access to major employment centers in downtown Tacoma as well as commuting routes to Seattle in under an hour.”

Moyer continued, “Tacoma’s apartment market has greatly benefited from its position as one of the country’s fastest-growing cities.”

Koz Development is a Washington-based private real estate development and management firm focused on delivering affordable, high-quality multifamily residential properties targeting individuals that make 60-80% of area median income.

Koz on MLK Way is located in an Opportunity Zone.

 

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. 

 

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

Greystone, a leading national commercial real estate finance company, has provided a $43,238,800 HUD Section 223(f) loan to refinance a 272-unit affordable housing community in Lewisville, Texas. The transaction was originated by Shana Daby, Managing Director at Greystone, on behalf of AMCAL Equities, LLC, a longtime client.

Constructed in 1985, Oak Tree Village Apartments in Denton County consists of 24 garden-style buildings featuring one-, two- and three-bedroom units. The sponsor acquired the property using a Greystone bridge loan. The asset was an existing mixed-income LIHTC/market project outside of its initial 15-year LIHTC compliance period. The project underwent a conversion to the Public Facility Corporation, which involved a partnership with the Plano Housing Authority and a ground lease and regulatory agreement. In the regulatory agreement, the existing LIHTC restrictions were extended to the duration necessary for the project to qualify for a lower annual MIP of 0.35%. In exchange for additional affordability tied to the PFC structure, the property will benefit from a 100% property tax exemption.

The $43,238,800 HUD-insured 223(f) loan carries a 35-year term and amortization along with a low, fixed rate. In addition to extending affordability, the project will benefit from a moderate rehab of approximately $15,000 per unit. 

“Our bridge-to-HUD program enables clients to realize their vision for their properties while pursuing permanent financing,” said Ms. Daby. “We are passionate about helping to provide quality, affordable housing options and work tirelessly to secure the right financing for AMCAL and others that are bringing market-rate and affordable housing to communities like the Dallas-Fort Worth area.”

 

“Shana and our Greystone team always deliver and execute on solutions that make sense for our projects, at every stage of their lifecycle,” said Stephen Clarke, Vice President, Market Rate and Student Housing for AMCAL Equities, LLC. “We rely on Greystone for their industry knowledge, outstanding service and attention to detail – truly, they are a trusted partner for our business.” 

Greystone’s FY2022 Volume for Multifamily and Healthcare Loan FirmCommitments Totals $3.6 Billion 

Greystone, a leading national commercial real estate finance firm, announced it ranks #1* based on dollar volume of multifamily and healthcare Firm Commitments issued by the U.S. Department of Housing and Urban Development (HUD) for the agency’s 2022 fiscal year ending September 30, 2022. During this period, Greystone originated and obtained Firm Commitments for 177 multifamily and healthcare facility HUD-insured loans totaling $3.6 billion, representing 14.2% overall market share – the largest of such FHA lenders and nearly double the second-highest ranking lender – for HUD-insured multifamily and healthcare loans.

Greystone ranked highest based on dollar volume for Firm Commitments issued under HUD’s multifamily MAP program with $2.88 billion in origination volume for 131 multifamily properties, as well as HUD’s healthcare LEAN program, totaling $676 million in origination volume for 46 healthcare properties, which include skilled nursing and assisted living facilities.

 

“I want to congratulate our incredible team for their hard work in reaching this achievement and thank our clients for their loyalty and trust over the years, as well as thank HUD for their tremendous partnership,” said Nikhil Kanodia, head of Greystone’s FHA lending group. “Despite the headwinds facing the CRE sector today, we continue to see demand for HUD-insured financing products, and Greystone’s efforts to simplify and speed up the closing of this highly attractive debt financing, as well as adding a short-term bridge solution, has resulted in our consistent leadership position in the market.”

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.

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