Greystone, a leading national commercial real estate finance company, has provided a $15,658,900 HUD-insured loan to refinance a 49-unit multifamily property in San Fernando Valley, California. The transaction was originated by Dale Holzer of Greystone on behalf of Reseda 18860 LLC.



Sherman Way Apartments, located at 18840 Sherman Way in Reseda, Los Angeles County, is a mid-rise rental property constructed in 2018 containing 15 one-bedroom and 34 two-bedroom units. The property also contains two commercial real estate retail space comprising 2,000 square feet. The 35-year loan includes an interest rate in the mid-2’s and represents 80% loan-to-value. The property also qualified for ENERGY STAR certification with a score of 99, and as such, will pay the lower annual MIP (Mortgage Insurance Premium) of 0.25%.



“We are thrilled to have closed acquisition financing with a 35-year term at a low-, fixed rate,” said Demitri Samaha, principal of the borrower. “Dale’s team came to the table experienced, knowledgeable, and determined to provide us with the best capital solution for our needs.”



“Greystone has many tools at our clients’ disposal, and the HUD product for long-term property investment holds is likely one of the best options a borrower can pursue,” said Mr. Holzer. “With rates still at favorable levels, it makes sense to assess how much a long-term refinance can save you on debt service, while also potentially providing equity extraction.”



Greystone, a leading national commercial real estate finance firm, has provided a $39,060,000 Fannie Mae DUS® loan for the acquisition of an affordable housing property in Corona, California, on behalf of Avanath Capital. The property was represented for sale by Aaron Hargrove and Eric Taylor of Greystone Real Estate Advisors, and the buyer’s financing was originated by Jeff Englund of Greystone.

The Fannie Mae Multifamily Affordable Housing (MAH) acquisition loan for River Run Senior Apartments, originally built in 2004 with 4% low-income housing tax credits and tax-exempt bond financing, carries a 10-year term at a fixed interest rate and a 30-year amortization, with full-term interest only payments. The 360-unit property is age-restricted to individuals aged 55 years or older and offers one- and two-bedroom units with community amenities such as a clubhouse, library, heated swimming pool, picnic area with BBQ grills, dog park, shuffleboard, and rose gardens.

“River Run fits perfectly in line with Avanath’s mission to provide families with higher-quality, well-maintained and safe affordable housing, and we are thrilled to have added this quality asset to our portfolio with Greystone’s help,” said Andrew Mackay, SVP of Acquisitions for Avanath Capital. “Greystone’s affordable housing expertise is truly unparalleled, but on top of that, their approach to customer service is why we are repeat clients.”

“The Avanath team was a true pleasure to work with, and it’s gratifying to help investors with such a strong mission to preserving affordable housing in areas such as California, which is facing many economic and environmental challenges on top of the pandemic’s stressors,” said Mr. Englund, head of affordable housing lending at Greystone. “Greystone’s expertise with affordable housing and its many complexities – tax credits, bonds, and land use agreements – as well as our long relationship with Fannie Mae, are all part of the ways we help investors navigate this critical area of real estate.


Greystone, a leading national commercial real estate finance firm, has provided a $32,500,000 Fannie Mae DUS® Multifamily Affordable Housing (MAH) loan for the acquisition of an affordable housing property in Berkeley, California. The loan was originated by Scott Wallace, Director at Greystone.

The Fannie Mae affordable loan for Harriet Tubman Terrace, a Section 8 HAP property, carries a 17-year term at a fixed rate with a 35-year amortization. The 91-unit, garden style property was originally constructed in 1976 and caters to a resident population over 62 years of age. The six-story property comprises 48 studio and 42 one-bedroom rental units, and one two-bedroom manager’s unit. The apartment complex’s amenities include an outdoor patio, laundry facilities, and a large community room. The new owner plans an extensive renovation of the property of $60,000 per unit to include energy efficiency upgrades, roofing, and a lobby refresh.

“I’m thrilled I could work with Pennant Housing once again to help them achieve their goals for preserving affordable housing in California,” said Mr. Wallace. “Greystone’s deep expertise in affordable housing and our long relationship with Fannie Mae has been a winning combination for their portfolio and residents alike.”

“Greystone’s knowledge in the affordable space has been invaluable to us as we continue to grow our portfolio of critical affordable housing properties in the state of California,” said Wesley Gassert of Pennant Housing Group.


Greystone, a leading national commercial real estate finance company, has provided an $18,213,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 142-unit multifamily community in Lanham, Maryland. The transaction was originated by Cullen O’Grady, managing director in Greystone’s Rockville, Maryland office.

Developed in 1965, Lilly Gardens contains 142-units including 42 one-bedroom units; 25 one-bedroom units with a den; 68 two-bedroom units; and seven three-bedroom units spread across 6.23 acres. Project amenities include on-site leasing office, parking, a playground, a swimming pool, and eight common laundry areas. Located in Prince George’s County, the property has excellent access to major thoroughfares which provide direct access to the Washington D.C. central business district and employment centers.

Greystone sourced the transaction through Marc Tropp, Senior Managing Director of Eastern Union Funding. The borrower is a private investor and repeat Fannie Mae, Eastern Union, and Greystone client.

“We executed the loan with very favorable Fannie Mae terms, allowing the borrower to achieve a strategic combination of cash-out and to secure a significant decrease in the interest rate,” said Mr. O’Grady. “We are always grateful when trusted clients and correspondents come to Greystone for agency financing solutions, placing their trust not only in our lending capabilities, but also our industry leading expertise.”


Greystone, a leading national commercial real estate finance company, has provided $23,479,000 in Freddie Mac Optigo® financing for the acquisition of a 178-unit multifamily property in Davie, Florida. The transaction was originated by Richard Kourbage, Managing Director in Greystone’s New York office, on behalf of Circle Capital Partners and LRE Management. 

The non-recourse $23.5 million Freddie Mac loan carries a fixed rate with a 10-year term, a 30-year amortization and five years of interest-only payments. Originally built in 1978 and upgraded by the prior owner, Vue on 67th is a garden-style apartment community that sits on 7.7 acres, offering one- and two-bedroom units and amenities including a clubhouse with billiards room, fitness center, resort-style pool, outdoor barbeque deck, and on-site parking.

“We are pleased to execute on behalf of the joint venture between Circle Capital Partners and LRE Management - we were able to switch seamlessly from a bridge loan to Freddie Mac as the capital markets changed during underwriting,” said Mr. Kourbage. “Our goal is to bring these transactions to close quickly and seamlessly, so our clients stay focused on realizing their vision for their property.” 

“Vue on 67th was a complicated transaction to finance. The property’s performance significantly improved every month leading up to closing, and Richard Kourbage and his Greystone team worked closely with Freddie Mac to quantify a meaningful increase in proceeds. We are grateful for the elite team we put together to close this transaction. Purchasing apartments in South Florida is always competitive, but securing Vue on 67th in Davie, Florida will prove to be a great investment for LRE Management LLC, our JV equity partner, as well as Circle Capital Partners,” said Todd Linden and Richard Valdes, Principals of Circle Capital Partners.


Greystone, a leading national commercial real estate finance company, announced that it has arranged a $45.3 million loan on behalf of Forte Real Estate Development for The View at Middlesex, a recently-completed 200-unit class-A multifamily property located at 220 Lincoln Boulevard in downtown Middlesex, NJ. The new loan was originated by Benefit Street Partners Realty Trust, Inc. (“BSPRT”) and used to refinance the original construction loan provided by Procida Funding in 2018. The property commenced pre-leasing in late summer, received its first TCO in August, and was approximately 20% leased at loan closing.

The View is located in the heart of Middlesex, NJ offering its tenants a central regional location with easy transportation access plus walkability to local neighborhood shops. The View features upscale unit offerings with modern, quality designed interiors and amenities. The property consists of four, 5-story buildings featuring spacious one and two-bedroom apartments with elevators. The 200 rental units are divided among 140 one-bedroom and 60 two-bedroom units and the property includes 250 surface parking spaces, 96 covered parking spaces and 7,700 square feet of retail space. The property also features approximately 10,000 square feet of amenities including a gym, screening room, yoga room, lounge areas, a game room, wading pool, landscaped courtyards and roof deck.

The Greystone Capital Advisors team led by Drew Fletcher, Matthew Hirsch, Bryan Grover, and John Williams served as the exclusive advisor in arranging the debt on behalf of Forte.

“This loan is a perfect example of how transitional financing can help to de-risk and optimize a Sponsor’s business plan when there is a need for flexibility around the exit strategy,” said Drew Fletcher, President of Greystone Capital Advisors. “The new BSPRT loan allowed Forte to substantially reduce its interest carry, while providing additional runway to lease-up and stabilize the asset for the long-term. We are thrilled to have represented Forte in this transaction.”

“Forte completed a gorgeous multifamily project for which we’re happy to have provided a customized debt solution with the help of Greystone Capital Advisors,” said Brian Nowakowski, Managing Director at BSPRT. “At BSPRT, we specialize in providing flexible financing solutions that meet the many capital needs of our borrowers, originating both floating and fixed-rate loans.”

“We are excited to kick-off our relationship with BSPRT, and we look forward to working with them in the future,” said Massimo Pinelli, CEO and Founder of Forte. “As always, the Greystone team delivered a fantastic execution, and we are happy to have worked with them again as they play a key role in building out our pipeline.”  




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