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Greystone, a leading national commercial real estate finance company, announced that its Low Income Housing Tax Credit (LIHTC) Syndication Platform, Greystone Real Estate Capital, has added four senior members to its team. Mr. Mike Callahan has been appointed Senior Vice President, Director of Investment Management; Mr. Benjamin Jarvis has been appointed Senior Vice President, Developer Production; Mr. Michael Egidi has been appointed Vice President, Investor Production; and Mr. Spencer Gordon has been appointed Vice President, Director of Credit & Underwriting.
“It’s gratifying to grow a team of committed professionals who have such deep experience in affordable housing equity and finance, and we are energized to make an impact on the sector as we develop Greystone’s LIHTC syndication platform,” said Mr. Greg Voyentzie, head of Greystone Real Estate Capital. “Mike, Ben, Michael, and Spencer will serve as key assets to the Greystone Real Estate Capital team as we build out our platform, which will have the unique advantage of support from Greystone’s nimble, creative teams and diverse set of business lines and resources.”
Mr. Callahan previously spent 28 years with Boston Capital serving as the Director of Asset Management and was a member of the Investment, Disposition, and Management Committees. At Boston Capital, Mr. Callahan was responsible for a team of over 60 professionals monitoring and reporting on the performance of the firm’s $16 billion affordable housing portfolio, including both lower-tier asset management and upper-tier investor relations functions. Mr. Callahan designed and implemented strategic objectives for the department and created policies and criteria for monitoring portfolio performance. In addition, he led the development of proprietary software designed to address the asset management needs of tax credit portfolios. Mr. Callahan holds a Bachelor’s degree from Providence College and an M.B.A. from Vanderbilt University’s Owen School of Management.
Mr. Jarvis has over 19 years of multifamily affordable housing experience in originating, structuring, negotiating and closing Low Income Housing Tax Credit (LIHTC) transactions nationwide. Prior to joining Greystone, Mr. Jarvis served as Director of Acquisitions for Redstone Equity Partners where he sourced, evaluated and structured LIHTC transactions throughout the Midwest region. He was also responsible for marketing Redstone’s multifamily equity products, developing and managing client relationships, participating on state housing finance agency coalitions and QAP advisory boards. Prior to that role, Mr. Jarvis served as Vice President of Acquisitions at Boston Capital where he originated and closed over $1 billion of LIHTC equity investments nationally. He was responsible for marketing Boston Capital’s multifamily housing products, establishing new developer relationships and originating investment opportunities for multi and proprietary funds. Mr. Jarvis holds a Bachelor’s degree from Salve Regina University and a Certificate in Real Estate Finance from Boston University.
Mr. Egidi, with over 15 years of affordable housing industry experience, is responsible for asset selection, fund placement, structuring, marketing, and management of institutional investor relationships for Greystone Real Estate Capital. Throughout his career, Mr. Egidi has been involved in the development, capital raising, underwriting and closing of over $2 billion of investor capital into tax advantaged investment funds. Prior to joining Greystone, he was a Vice President of Investor Relations with WNC & Associates Inc. in its tax credit syndication business. Responsible for raising equity, coordinating due diligence, and closing investors into proprietary tax credit partnerships, he originated and syndicated proprietary fund partnerships representing over $175 million in gross equity. Prior to joining WNC, he spent over 10 years in varying roles in the Community Finance group with Capital One Financial Corporation, most recently as Director and Team Lead of multi-investor equity originations and underwriting, supporting Capital One’s community development finance strategy and CRA lending and investment goals. Mr. Egidi holds a Bachelor’s degree from the University of Michigan, an M.B.A. from the Booth School of Business at the University of Chicago, and holds the Chartered Financial Analyst® designation. Mr. Egidi also holds Series 22 and 63 securities licenses through FINRA.
Mr. Gordon, bringing over 12 years of affordable housing experience, provides Credit & Underwriting direction and guidance for all of Greystone Real Estate Capital’s investments. Having been involved in the capital raising, underwriting, and closing of over $1 billion of investor capital into tax advantaged investment funds, Mr. Gordon joins Greystone from PNC Bank, N.A. where he was a Senior Underwriting Manager, VP in the Tax Credit Solutions business. Managing a team of LIHTC equity and debt underwriters delivering investor and bank capital into proprietary and multi-investor tax credit partnerships, his team closed over $700 Million in LIHTC, Historic and Solar tax credit equity into tax credit developments. Prior to joining PNC, Mr. Gordon was an Assistant Vice President, Account Manager with Boston Financial, where he analyzed, structured, and closed LIHTC multifamily affordable housing transactions. While there, he also served as a Vice President, Capital Officer, responsible for implementing, structuring and managing a new $100 million proprietary relationship. He holds a Bachelor of Business Administration from the Cox School of Business at Southern Methodist University.
These new roles are integral to the growth of Greystone Real Estate Capital, which will deploy capital for the preservation and new construction of affordable housing communities across the U.S., and ultimately create jobs, generate tax revenue for municipalities, and positively enhance the lives of families, seniors, minorities, veterans, and those with disabilities who seek affordable housing.
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Greystone, a leading national commercial real estate finance company, has provided $19,050,000 in Bridge-to-Agency financing for a 118-unit multifamily property in Bellflower, California. Intended to facilitate the refinancing and construction of additional units, the bridge loan was originated by Dale Holzer, Managing Director at Greystone.
Tower Apartments, located 14 miles southeast of downtown Los Angeles and spread across 1.56 acres, was acquired by the borrower in 2022 and completely renovated with over $3.5 million in capex. The property contains a three-story building with studio, one-, two-, and three-bedroom units and community amenities including a pool and laundry facilities.
The interest-only bridge financing provided by Greystone carries a two-year term with two, six-month extension options, and is intended to fund the construction of 15 additional units in the building for a total of 133 units.
“Greystone’s Bridge-to-Agency option can help property investors get a head start on implementing their long-term plans for an asset, providing capital during construction, renovations and stabilization,” said Mr. Holzer.
Greystone Monticello and Cushman & Wakefield jointly announced today that the firms provided financing for, and represented the buyer of, respectively, a two-property portfolio of build-to-rent multifamily communities in Phoenix, Arizona.
Jeems Lochridge of Cushman & Wakefield represented Balfour Pacific Capital and Stone View Holdings, the joint buyers and co-General Partners in the transaction, and Greystone’s Dale Holzer of Greystone originated the loan through Greystone Monticello. In the transaction led by Chris Hetzel, Greystone Monticello provided a two-year $37,250,000 bridge acquisition loan to allow for lease-up and stabilization of the portfolio.
The two-site portfolio, Stone View on Central and Stone View on 7th, consists of build-to-rent, entry-level communities totaling 123 homes. The properties are developed to modern new-home construction standards with each townhome-style unit featuring quartz countertops, stainless steel appliances, en-suite laundry, and select units have two-car attached garages. All units are individually metered for electricity, water, and trash services and individually platted with their own addresses.
“The demand for build-to-rent assets in the Phoenix MSA remains robust, both from the investor standpoint and the renter. Build-to-rent properties provide a desirable option for renters looking for the comforts of a home who are priced out of the home buyer market. The partnership between Stone View Holdings and Balfour Pacific identified the opportunity to provide much needed infill housing to meet this renter demand,” said Jeems Lochridge, Managing Director, Cushman & Wakefield.
“The build-to-rent asset class is a promising investment class for the multifamily sector, having shown growing strength in demand over the last several years,” said Mr. Holzer. “Greystone strives to offer a broad range of financing options that can satisfy a number of client needs, and we are thrilled to provide this build-to-rent acquisition financing solution with Greystone Monticello.”
“The successful execution of the financing is a testament to our strong relationship with Greystone Monticello’s Chris Hetzel,” said Bruce Rudichuk, Balfour’s Head of Multifamily, adding, “The bridge financing is a perfect solution for our lease-up period, and we are excited to explore permanent exit options with Greystone.”
David Shlomi, Principal of Stone View Holdings added, “It was a pleasure working with the teams on this portfolio acquisition in Phoenix, which is a market we are very optimistic about.”
Greystone, a leading national commercial real estate finance company, has provided an $81,129,000 Freddie Mac Optigo® loan to refinance a 397-unit multifamily property in Jurupa Valley, CA. The financing was originated by Clint Darby and Andrew Remenschneider at Greystone, working in conjunction with BMO Bank. BMO provided the construction loan on the property and collaborated with Greystone for a permanent exit on behalf of client Bridge Investment Group.
Vernola Marketplace Apartments is a luxury multifamily property built in 2022. Amenities at the community include a resort-style swimming pool, fitness center, clubhouse, dog park, playground, EV charging stations, game room, three outdoor kitchens, soccer field and resident events.
The $81.1 million non-recourse, fixed-rate loan was financed through Freddie Mac's Optigo® Program and index locked within 24 hours after the Federal Reserve meeting in early November 2023, resulting in an opportunistic rate drop.
“BMO’s collaboration with Greystone allowed for an ideal execution for our valued customer,” said Kim Liautaud, head of BMO’s US Commercial Banking real estate group. “The Agency loan exit fit our client’s need and our pipeline of opportunities continues to grow with Greystone.”
“Greystone’s position as a leading Agency lender gives clients the confidence that we know the lending landscape and can execute on their vision, and a primary reason why we are a preferred choice in multifamily finance,” said Rich Martinez, head of Agency lending at Greystone.
"Bridge Investment Group's experience with Greystone on this refinance was seamless, especially considering it was the first transaction we've done with Greystone. The transaction was very smooth and exceeded our expectations,” said Spencer Dunlop, Director of Debt Capital Markets at Bridge Investment Group.
Greystone, a leading national commercial real estate finance company, has provided a $25,239,000 Freddie Mac Optigo® loan to refinance a 240-unit multifamily property in Valparaiso, Indiana. The financing was originated by Dan Sacks and Eric Rosenstock, both Senior Managing Directors at Greystone, on behalf of Bayshore Properties.
Constructed in 1973, Andover Park Apartments comprises 10, two-story residential buildings spread across 14.34 acres. The property’s amenities include a swimming pool, tennis courts, and playground. The $25.2 million Freddie Mac loan carries a 10-year term at a fixed rate and a 30-year amortization.
“We have built a long-standing relationship with Bayshore Properties and have truly enjoyed helping them refinance dozens of their quality multifamily assets over the years,” said Mr. Rosenstock. “Having a client trust us over and over because of our commitment to providing the best service and an ever-growing range of financing options really reinforces why we love what we do and who we do it for.”
265 Units To Be Constructed utilizing 4% Low-Income Tax Credits with Additional Financing Partners Bank of America, Amazon, Virginia Department of Housing and Community Development, and Fairfax County Redevelopment and Housing Authority
Greystone, a leading national commercial real estate finance company, has provided $39,000,000 in Freddie Mac Tax-Exempt Loan (TEL) Unfunded Forward financing towards the construction of 265-units of a 516 unit affordable housing property in Tysons, Virginia. The financing was originated by Pharrah Jackson, Vice President at Greystone, on behalf of non-profit housing developer Arlington Partnership for Affordable Housing (APAH).
Located at 1592 Spring Hill Road within the Washington DC MSA, the multifamily project is a part of a larger development known as The Exchange at Spring Hill Station and will be the first 100% affordable housing property in Tysons. The completed building will be developed on two acres and will consist of two, 20-story residential condominiums (Dominion North, the Subject, and Dominion South) and a community center condominium owned and managed by Fairfax County Government. Planned residential project amenities also include community rooms, a business center, landscaped courtyard, resident support services, resident lounge, and laundry facilities.
The unit mix for Dominion North consists of 55 one-bedroom units, 146 two-bedroom units, and 64 three-bedroom units, with 100% of the units at varying affordability restrictions (40 units at 30% area median income (AMI), 77 units at 50% AMI, 87 units at 60% AMI and 61 units at 70% AMI). In addition, Fairfax County Redevelopment and Housing Authority (FCRHA) has approved and awarded APAH 40 project-based vouchers for Dominion North. The units are required to be leased to households at or below 50% AMI. APAH elected to lease those 40 units at 30% of AMI in the following mix: 9-one bedrooms, 22-two bedrooms, and 9-three bedrooms.
The Freddie Mac Forward commitment financing includes a 48-month construction period with a 17-year permanent loan term. Bank of America, the equity investor for this transaction, will be providing capital contributions in excess of $60 million in tax-credit equity during the course of the construction timeline. Other debt sources for Dominion North include: Amazon Housing Equity Fund ($29,000,000); Virginia Housing Trust Fund ($700,000); Virginia Department of Housing and Community Development (VADHCD) Energy Efficiency (HIEE) ($2,000,000); and FCRHA Blueprint & Move to Work – HCV Reserve Loan Funds ($18,986,897).
"The Exchange at Spring Hill Station marks a significant step forward in our commitment to providing affordable housing options at-scale in an area of incredible opportunity," said APAH President and CEO Carmen Romero. “Having partners like Greystone is fundamental to securing the critical financing needed to make a project of this magnitude possible. As a result, the residents who will call The Exchange home will have access to a vibrant and rapidly growing community full of opportunity and resources. More than just what you build, and where, but who you build for is what matters most.”
“It’s so gratifying to see a 100% affordable development plan come to fruition, and when you realize how many partners and contributors it takes to make it happen, you really appreciate both the need and impact of affordable housing in our country,” said Ms. Jackson. “We are thrilled to play a role as the permanent lender with Freddie Mac’s Forward TEL program, which has been truly transformative in the affordable housing construction space. We congratulate all of the parties involved and are looking forward to the ribbon cutting in 2027.”