Greystone, a leading national commercial real estate finance company, today announced that it has arranged a $125 million loan on behalf of Blumenfeld Development Group (BDG) for The Smile, a 233-unit class-A multifamily project with ~25,000 square feet of commercial space leased to the Beth Israel Medical Center.

The Greystone Capital Advisors team, led by Drew Fletcher and Matthew Klauer, acted as exclusive advisor in arranging the financing on behalf of BDG. Invesco Real Estate, a global real estate investment manager, provided the bridge loan to refinance the construction loan provided by AIG.

The Smile is an 11-story, 233-unit, recently completed “70/30” multifamily rental apartment building located at 158 East 126th Street. BDG developed this asset to meet the significant and growing demand for full-service, highly amenitized luxury housing in Harlem while providing a more affordable price point compared to comparable full-service projects in Manhattan. Designed by world-renowned BIG | Bjarke Ingels Group, the project offers a comprehensive suite of amenities including a fitness center, expansive rooftop deck with four pools, lounge, barbeques and outdoor movie theater, co-working space that overlooks a six-story gallery, lounge with a kitchen and pantry, and a state-of-the-art spa.

“We are thrilled to have worked with our friends at BDG again on the recapitalization of The Smile, one of the most architecturally distinctive multifamily properties in upper Manhattan. The new floating rate bridge loan provided by Invesco will provide BDG with the additional runway needed to lease-up and stabilize the property in anticipation of a future sale or refinance,” said Drew Fletcher, President of Greystone Capital Advisors.

David Blumenfeld, Vice President of BDG, said, “BDG has had the benefit of working with Greystone since the original conceptual design of The Smile, and we are thrilled with the execution that Greystone has secured. Invesco was an advocate since the moment they were introduced to the asset, and we look forward to expanding our relationship with them in the future.”


Yorick Starr, Senior Director of Invesco Real Estate commented: “We are delighted to have the opportunity to partner with Blumenfeld Development Group and Greystone on this unique asset in such an exciting neighborhood.”





Greystone, a leading national commercial real estate finance company, announced new senior hires on its CMBS platform, Jared Noordyk as Head of Securitization and Natalie Grainger as Chief Credit Officer. Reporting to Greystone’s head of CMBS, Rich Highfield, Mr. Noordyk and Ms. Grainger will lead the group’s proprietary conduit execution strategy for multifamily and commercial assets. 

Mr. Noordyk joins Greystone from SitusAMC where he was a member of the leadership team of the CRE Advisory group focusing on securitization and debt diligence. Prior to that, he was a Managing Director and Head of Securitization at CCRE/Cantor Fitzgerald, focusing on the execution and distribution of conduit, stand-alone and floating rate CMBS debt. He also held previous roles at BlackRock and Moody’s.

Ms. Grainger spent over 11 years at Deutsche Bank where her focus was managing CMBS executions. Prior to her time there, she also served in roles at Credit Suisse, Morgan Stanley, and Deloitte. Natalie is an active member of the CREFC Women’s Advisory Board and a past Chair of the group.

Greystone’s CMBS platform provides a direct source of long term, fixed-rate debt for property investors in multifamily, office, retail, mixed-use, manufactured housing, industrial, self storage, and hospitality assets. Greystone’s internal sizing, underwriting, and B-piece buying on CMBS deals eliminates stress points for borrowers throughout the process, offering more certainty of execution.

“I am singularly focused on building a dream team of talent to grow Greystone’s CMBS offering into an industry-leading and sought-after capital solution,” said Mr. Highfield.




Greystone, a leading national commercial real estate finance company, has provided a $31 million Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan to refinance a 189-unit multifamily property in Louisville, KY. The financing was originated by Michael Zukerman, Managing Director at Greystone on behalf of Dearborn Capital Partners LLC.

The $30,975,000 Fannie Mae loan carries a 10-year term and 30-year amortization, along with a low, fixed rate. Germantown Mill Lofts was originally constructed in 1889 and operated as a fabric mill through the mid-20th Century. After subsequent use as a retail facility, the property was eventually converted into residential units and completed in 2017. The substantial rehabilitation included significant environmental remediation, qualifying the project for Fannie Mae Green Rewards incentives. In addition to the studio, one-, and two-bedroom units, Germantown Mill Lofts includes a fitness center, community pool, outdoor grilling area, bocce ball court, pet park and spa, and clubhouse.

“Working with the Dearborn team was truly a pleasure as this property – rich in history – was brought from its 19th Century roots to the 21st Century from an energy efficiency standpoint, and now provides shelter to hundreds of Louisville residents,” said Mr. Zukerman. “We look forward to working with Dearborn on future transactions.”

"When we hired Greystone to take us through the Fannie Mae refinance process at Germantown Mill Lofts, they expertly advised us on all aspects of the transaction from environmental to income and valuation, and helped us to maximize proceeds,” said Todd Underhill, key principal of the borrower. “We are extremely pleased and intend to work with Greystone on many future transactions."


Greystone, a leading national commercial real estate finance company, announced it has arranged a $33,900,000 loan on behalf of Larken Associates for The Oaks and Reserve at Copper Chase, a recently-completed 239-unit class-A multifamily rental complex consisting of two phases located at 2900 and 3145 Honey Drive, York, PA. The new permanent loan was provided by Berkshire Bank and used to refinance the original construction loan which was also held by Berkshire Bank. The Greystone Capital Advisors team, led by Drew Fletcher and Paul Fried, served as the exclusive advisor in arranging the debt on behalf of Larken.

Copper Chase is located just outside of downtown York, PA which offers shopping, dining, and entertainment as well as many Fortune 500 companies, two universities, world-class healthcare facilities, and a large manufacturing, industrial, and transportation industry. Phase I of the Property, the Reserve at Copper Chase, consists of 132 units that were constructed in 1983 and acquired and renovated by Larken in 2019. Phase II of the Property, the Oaks at Copper Chase, consists of 107 newly-constructed units in twelve 2-story buildings that have been fully completed and fully leased since October 2021. Phase II has added a list of brand-new amenities that can be used by residents of both phases including a swimming pool, community clubhouse with lounge, state-of-the-art fitness center, dog-washing station, bark park, walking/biking paths, and a playground. Each one-, two-, and three-bedroom apartment consists of modern, high-end finishes, in-unit washer/dryer and dishwashers.

“The team at Larken did an amazing job, from recognizing the opportunity through executing on the business plan, all through the pandemic. We’re thrilled to have worked with them and their lender to execute the project’s success through this refinancing,” said Paul Fried.

“Greystone did a great job advising us on the refinancing. We are excited to continue working with them and Berkshire Bank,” said David Gardner, President and CEO of Larken Associates.



Greystone, a leading national commercial real estate finance company, has provided an $8,723,000 Fannie Mae Delegated Underwriting Service (DUS®) loan to refinance a 148-unit multifamily property in Terrytown, Louisiana. The transaction was originated by Keith Hires and Carter King, Managing Directors in Greystone’s Atlanta office, on behalf Oak Alley Terrytown Apartments, LLC.

Constructed in 1974, Oak Alley Apartments is a gated, garden style apartment community in Jefferson Parish consisting of 148 one-, two-, and three-bedroom units. The fixed-rate $8.7 million Fannie Mae loan carries a 10-year term and 30-year amortization, as well as five years of interest-only payments.

“We rely on Greystone as our trusted partner because of their deep knowledge of the multifamily space and their extensive lending capabilities,” said Louis Rodriguez of Cypress Multifamily, a key principal of the borrower. “The Greystone team consistently exceeds our expectations, executing seamlessly and quickly on all of our transactions.”

“At Greystone, we are committed to helping our clients maximize the potential of every property in their portfolios,” said Mr. Hires. “The breadth and depth of our multifamily lending platform enable us to find solutions where others can’t, in any market environment.”


Greystone, a leading national commercial real estate finance company, announced it has arranged a $30 million construction loan for affiliate entities of The Manhattan Building Company (“MBC”). The construction loan was originated by White Oak Real Estate Capital, an affiliate of White Oak Global Advisors (“WOGA” or “White Oak”), to finance the construction of a 6-story, ~150,000 GSF mixed-use residential development comprised of 80 market rate rental apartment units, 80 parking spaces, and approximately 3,200 SF of ground-floor commercial space located at 40 Center Street in Jersey City, NJ. Greystone’s Drew Fletcher, Matthew Hirsch, and Bryan Grover served as the exclusive advisors in arranging the financing for the development.

MBC has been one of Jersey City’s most active and transformative developers over the last few decades. The project is located less than two miles from MBC’s prior Class A residential developments, Soho Lofts and Cast Iron Lofts, and their upcoming, 4-tower, +1 million SF multiphase development Hudson House. 40 Center is situated in the Bates Street Redevelopment Area, for which MBC has been named master redeveloper by the Jersey City Redevelopment Agency. MBC is committed to Jersey City and is one of the city’s premier developers with an understanding of the market dynamics that are driving continued growth in demand for high-quality multifamily housing. 40 Center will be the first out of multiple phases in the area.

40 Center is designed to appeal to young professional renters by providing a more affordable, high-quality product designed with larger than average unit sizes in response to tenants’ demand for more space in the current market. MBC will deliver a comprehensive amenity package including a fitness center with sauna, full parking garage, and a rooftop lounge with seating areas, grills, fire pits, and sweeping views of Jersey City and Manhattan.

“MBC is a leading owner, developer, and builder of apartments in Jersey City. We are pleased to have started our relationship with them on this transaction and are happy to have brought together MBC and White Oak on an excellent execution,” said Mr. Fletcher, President, Greystone Capital Advisors.

“Greystone Capital Advisors did a fantastic job advising us through this process, and we are very fortunate to have launched a relationship with White Oak,” said John Palumbo, Vice President of Real Estate Development at MBC.

We are excited to support MBC on this high-quality project in the growing Jersey City multifamily market.  Greystone was instrumental in driving the transaction closing and we are thankful for the rigor and thoughtfulness they demonstrated throughout the process,” said Eric Tanjeloff, Managing Principal of White Oak Real Estate Capital.


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