Greystone, a leading national commercial real estate finance company, has provided a $24,080,000 HUD 223(f) loan to refinance an 89-unit affordable housing property in Stamford, Connecticut. The loan was originated by Jon Morales, Senior Vice President at Greystone, on behalf of New Neighborhoods, Inc.

Located on Stillwater Avenue, Martin Luther King Apartments is a 100% Section 8 multifamily property. The HUD-insured financing is a 35-year loan at a low, fixed rate. As part of the financing, the owner obtained a 20-year HAP contract for the property, preserving affordability long-term. The 13-story high-rise building contains 22 one-bedroom units, 45 two-bedroom units, and 22 three-bedroom units with a community room and laundry facilities as resident amenities.

“Greystone understands the nuances of the affordable housing market, particularly Section 8 properties, and their mission aligns with ours as we continually look to invest in quality housing for core markets in the Northeast,” said Jamey Healy, President & CEO, New Neighborhoods, Inc.

“Greystone was diligent in their work to close this complex financing, and we are thrilled with the ability to reinvest back into the property to ensure its viability as a critical asset to the Stamford market,” added Jerome Floyd, Operations Director, New Neighborhoods, Inc.

“We are thrilled to work on this HUD loan for Jamey and his team and are delighted to get them the proceeds and terms they needed in order to set the property up for continued long-term success,” said Mr. Morales. “We strive to earn our client’s trust in each new transaction by coupling our deep lending platform and multifamily capabilities with exceptional service and care.”

Former Freddie Mac Executive Takes on More Active Role in Greystone’s Multifamily Origination Business 

Greystone, a leading national commercial real estate finance company, announced Rich Martinez has been promoted to Head of Production, Agency Lending, after joining the firm in 2022 as Executive Managing Director, Multifamily Sales & Production. In this new role, effective immediately, Mr. Martinez will lead all Agency loan origination efforts, particularly market-rate multifamily for Fannie Mae and Freddie Mac, for which Greystone is a top lender.

In his continued role as part of Greystone’s lending leadership team, Mr. Martinez will also focus on expanding Greystone’s institutional borrower network, recruiting and expansion geographically, and enhancing and optimizing the firm’s joint venture relationship with Cushman & Wakefield, which provides a comprehensive suite of advisory services to property investors nationwide.

Prior to joining Greystone, Mr. Martinez served as Senior Vice President of Production & Sales at Freddie Mac, where he worked for over 34 years in various roles. While there, he worked across a variety of asset classes and geographies and gained a holistic view of the national multifamily landscape.

“Rich has made a significant impact on Greystone’s lending business already, and I am so thrilled that he will be taking on a larger role in expanding and growing our platform and reach in the multifamily sector,” said Chip Hudson, head of Greystone’s Agency lending platform. “Rich’s experience, leadership, and deep industry knowledge make him uniquely qualified to lead our production efforts going forward.” 

“I am energized to continue driving growth at Greystone, particularly at a time when we are committed to making new opportunities in a challenging market,” added Mr. Martinez. “The team is highly motivated to help clients throughout the changing economic landscape, and we have the solutions to meet their needs.”

Greystone, a leading national commercial real estate finance company, has provided a $94,451,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the $131 million acquisition of a 586-unit multifamily property in Arlington Heights, Illinois. The financing was originated by Dan Sacks and Eric Rosenstock, Co-Managing Directors in Greystone’s New York office, on behalf of Bayshore Properties.

Constructed in 1973, Stonebridge Luxury Apartments in Arlington Heights is a garden-style apartment community consisting of six buildings that offer one- and two-bedroom units. The $94,451,000 non-recourse, fixed-rate Fannie Mae loan carries a 10-year term and amortization, with full-term interest-only payments and 9.5 years of yield maintenance. In addition to the acquisition, loan proceeds enable the borrower to make improvements to the property.

“We truly appreciate when clients repeatedly rely on Greystone and our deep resources for the multifamily properties in their portfolios,” said Dan Sacks. “We work tirelessly to earn our clients’ trust by leveraging our extensive financing platform to secure the right solutions and deliver an exceptional service experience on every transaction.”

“We keep coming back to Greystone because the team continues to outperform on every transaction with financing that addresses the particular needs of the properties in our portfolio,” said Mr. Nick Kozul, Chairman of Bayshore Properties, a repeat client of Greystone. “Greystone is a team with multifamily expertise that is simply unparalleled in this industry.”


Greystone Housing Impact Investors LP (the “Partnership”) (NYSE: GHI), which recently changed its name from America First Multifamily Investors, L.P., commemorated the initial trading of its beneficial unit certificates representing assigned limited partnership interests (“BUCs”) on December 5, 2022 on the New York Stock Exchange (“NYSE”) by ringing the opening bell on the floor of the NYSE Monday, December 12, 2022.

The Partnership, an affiliate of Greystone, actively invests in mortgage revenue bonds and governmental issuer loans that contribute to the creation of new affordable housing by providing construction and/or permanent financing for new and substantial rehabilitation multifamily and seniors housing projects.

Ken Rogozinski, CEO of the Partnership, commented, “It’s truly an honor to represent Greystone Housing Impact Investors and Greystone on this momentous occasion at the NYSE, one of the oldest and most respected institutions in the capital markets. We are celebrating the work we have done to create structures enabling the financing of affordable housing to date and are excited for the potential to do even more as we continue to solidify our affiliation with Greystone, a leading player in affordable housing.”

Greystone, the #1 provider of HUD-insured commercial loans by volume, is also a Top 10 provider of Fannie Mae and Freddie Mac affordable housing loans. Together with Greystone and its affiliates, the Partnership offers innovative structures to finance affordable housing development.

“Since joining the fold at Greystone in 2019, we have seen such an incredible impact from the Greystone Housing Impact Investors team in terms of resources, expertise, and a commitment to help alleviate the affordable housing crisis in the U.S.,” said Steve Rosenberg, Founder and Executive Chairman of Greystone. “It’s been an honor to work alongside Ken and his team as we strive to provide clients in the affordable housing sector a truly unmatched suite of solutions to help them achieve their goals.”

Trustwell Living Hired as Facility Operator

Passco Companies, LLC, in conjunction with Greystone, has acquired a Class A Independent Living Community in Knoxville, Tenn. Greystone provided the funding while Passco Companies, LLC will be the owner and asset manager. Trustwell Living, LLC, (“Trustwell”), a senior living operating company, has been selected to manage the Property. The community, located at 1932 Falling Waters Road, formerly known as Prime West Knoxville, will be renamed and branded as Trustwell Living of West Knoxville. The 145-unit community was built in 2020 and is currently 98% leased, with a waitlist.

The three-story community is approximately 163,000 gross square feet and features a mix of spacious one- and two-bedroom units, with abundant indoor and outdoor common area space including a fitness center, game room, theater, activities area, greenhouse, dog park, putting green, pickleball court, library, indoor pool, and a spacious dining room.

In addition to exceptional services and amenities, residents of Trustwell Living of West Knoxville will continue to find joy and fulfillment by participating in any number of on- and off-site activities hosted by the community’s activities team, which range from artistic endeavors to musical entertainment, Happy Hours, spiritual pursuits, and more. The community’s chef is an expert in meeting and exceeding the needs of the residents with tasty meals using fresh ingredients including seasonal vegetables grown in the community’s hydroponic greenhouse.

Knoxville is one of the top 10 places to live  in 2023 according to Money Magazine and was ranked Best Places to Retire in 2021 by Forbes. The Property is located adjacent to two nationally anchored shopping centers.

Greystone, a national real estate finance and investment company, has decades of experience in the senior housing and independent living sector with over $5 billion in originations for senior housing loans, and as an experienced owner / operator of skilled nursing facilities through its affiliates. The Cushman & Wakefield Senior Housing Capital Markets team including Richard Swartz, Jay Wagner, Dan Baker, Aaron Rosenzweig, and Bailey Nygard, advised the seller.

“Working with our partner Passco to acquire this quality asset, and launching a new partnership with Trustwell, has truly been a pleasure,” said Ken Carpenter, Senior Managing Director, Greystone. “The level of collaboration required to launch this strategic initiative is a credit to the commitment of our combined teams. I’d also like to thank the Cushman & Wakefield team for their excellent work on this transaction.”

Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., is excited to partner with Greystone and Trustwell Living on this investment opportunity. “Expanding our portfolio into independent living and leveraging the expertise from Greystone and Trustwell Living, Passco feels confident that this will not only enhance our current portfolio but offer another asset class that is flourishing in the market,” states Alan Clifton, Chief Investment Officer of Passco Companies. In addition, “we are seeing an increase in ‘life plan’ communities, which is a natural extension of our already existing Class A multifamily and active adult living portfolio,” states Clifton.

“We are excited to partner with Greystone and Passco and honored to operate this beautiful and outstanding community,” said Lawrence Cohen, Chief Executive Officer of Trustwell Living. “We look forward to extending our operational capabilities to serve the needs of seniors who deserve the best,” said Cohen. “We also look forward to delivering Trustwell’s seasoned approach to exceptional services and programs to current and future residents. At Trustwell Living communities, the goal is the same: to be a community where family cares for family.”

Greystone, a leading national commercial real estate finance company, placed a $27,050,000 regional bank loan for the refinance of Merrill Gardens at Columbia in South Carolina. Tyler Armstrong, Managing Director at Greystone, worked with the client in placing the bank loan for AEW Capital Management and Merrill Gardens.

The regional bank loan for the 120-unit independent living and assisted living community was executed as a floating rate financing carrying a 5-year term and 30-year amortization. The loan featured three-years of interest-only payments and a mid 200 bps loan spread.

“Two highly respected best in class firms like AEW Capital Management and Merrill Gardens make for an incredible partnership in the seniors housing community and capital markets space,” said Armstrong. “They are a partnership that is highly sought after from a relationship perspective with lenders across the country and we were honored to represent them in the refinance of this class A community.”

“The Greystone team has worked on our behalf through several transactions over the past year and in each case, they were able to execute above our expectations,” said Brian Sunday, Managing Director of AEW Capital Management. “The seniors housing capital markets team at Greystone continues to impress with not only their detailed and dedicated approach to each of our refinances but also the depth of their lending relationships in the market,” said Doug Spear, Chief Financial Officer of R.D. Merrill Company, parent of Merrill Gardens.

Founded in 1981, AEW actively manages portfolios in both the listed and direct property markets across the risk/return spectrum. AEW’s investment management platform spans four continents allowing clients to take advantage of opportunities across the globe. As of December 31, 2021, AEW and its affiliates have over 780 employees who manage approximately $93.0 Billion of real estate assets and securities on behalf of its 400+ institutional and private investor clients.

Merrill Gardens has been one of the premier seniors housing operators since its inception in 1993, when it purchased its first seniors housing community in Seattle, Washington. Headquartered in Seattle and privately owned, Merrill Gardens has a strong regional presence along the West Coast and a long development track record. Currently Merrill Gardens manages 67 communities in 17 states. The continues to be led by fifth generation family member Cole Wright as chairman along with Tana Gall as President.

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