Greystone Provided $20 Million in Total Financing This Year with Two Transactions for Same Sponsor

Greystone, a leading national commercial real estate finance company, has provided $11,576,000 in HUD-insured financing on a 150-unit, age-restricted affordable housing community in Houston, Texas. The transaction was originated by Michael Zampetti and Kelley Klobetanz of Greystone on behalf of Chelsea Seniors I, LLC. 

Constructed in 2011, Chelsea Senior Community in Harris County consists of five, mid-rise elevator buildings, with 45 one- and 105 two-bedroom units for low-income seniors (below 60% AMI) and extremely low-income seniors (below 30% AMI) over 55 years of age. The property has LITHC land use restriction agreements (LURAs) in place that require limits on tenant income and rent restrictions for all units.

The $11,576,000 HUD 223(f) loan carries a 35-year term and 40-year amortization along with a low, fixed rate. The property qualifies for a lower annual Mortgage Insurance Premium (MIP) of 0.25% because it is rent-restricted. In addition to refinancing, loan proceeds enable the borrower to continue with ongoing property maintenance and monetize a portion of their equity.

“Greystone is deeply committed to helping clients access the right financing so they can provide affordable, quality housing to people of all ages and incomes,” said Mr. Zampetti. “We are able to leverage our position as the top FHA commercial lender to provide solutions to our clients for these critical housing communities.”

“Providing quality affordable housing for seniors in Houston is a priority for us, and our Greystone team made it their priority as well,” said Mr. Cherno Njie, principal of the borrower. “Greystone’s affordable housing and HUD financing expertise and attention to detail were exceptional - we look forward to working with our team again on future transactions.”

In February 2022, Mr. Zampetti and Ms. Klobetanz of Greystone provided $8 million in HUD-insured financing for a 128-unit property, Little York Villas, for the same sponsor.

Greystone, a leading national commercial real estate finance company, placed a total of $23.5 million in bank financing to refinance two senior housing properties in Indiana and Arizona. The separate transactions were originated by Cary Tremper, Tyler Armstrong, and Matt Miller of Greystone, on behalf of Spectrum Retirement Communities.

Lone Mountain is a 50-unit memory care facility located in the Phoenix market, which was refinanced for $11,275,000. The newly-constructed Class A property opened in March 2018, and includes 6 one-bedroom units and 44 studio units. Amenities at the property include private dining, library, game room, exercise room, activity room, computer room, salon, and terraces and courtyard features.

Meadow Brook is a 92-unit assisted living and memory care community located in the Indianapolis market, which was refinanced for $12,250,000. The unit mix at the property includes 68 assisted living units and 24 memory care units, with community amenities including private dining, library, game room, exercise room, activity room, computer room, salon, and a courtyard. The property opened in 2014 and is operated by Traditions Management.

“We take pride in solving our clients’ capital needs through all phases of the property cycle, with many options available today to transition from construction through stabilized financing,” said Cary Tremper, Head of the Senior Housing Capital Markets Team. “It is a privilege for our team to work with quality sponsors, and we are thrilled to have helped Spectrum complete the refinance of these two communities in Indiana and Arizona.”

“Greystone has been truly committed to providing us with the best execution for long-term success of these communities,” said Jeffrey Kraus, Managing Director at Spectrum Retirement Communities.

Greystone, a leading national commercial real estate finance company, has provided a $21,464,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 144-unit multifamily community in Herndon, Virginia. The transaction was originated by Cullen O’Grady, managing director in Greystone’s Rockville, MD office.

Developed in 1964 and rehabbed in 1989, Parkridge Gardens Apartments comprises 78 one-bedroom, 54 two-bedroom, and 12 three-bedroom townhome units on 6.80 acres. Project amenities include a leasing office, BBQ/picnic area, playground, common laundry facility and free access to the Herndon Community Center. Located in Fairfax County, the property has had excellent historical occupancy and access to major thoroughfares, including the Silver Metro line which provides direct access to the Washington DC central business district and major employment centers, including Amazon.

The borrower is a private investor and repeat Fannie Mae client.

“We executed the loan swiftly with 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. “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.”

Former Freddie Mac Senior Vice President of Production & Sales toExpand on the Firm’s Multifamily Growth

Greystone, a leading national commercial real estate finance company, announced Rich Martinez will join the firm as an Executive Managing Director, Multifamily Sales & Production in mid-June. In this newly created role, he will focus on new business growth for Greystone’s expanding multifamily platform as well as enhancing and optimizing the firm’s joint venture relationship with Cushman & Wakefield, which provides a comprehensive suite of debt and 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.

Mr. Martinez will be based in New York and report to Steve Rosenberg, Greystone’s founder & CEO.

“Rich’s reputation as a creative and effective production driver in the multifamily debt space is well known and well deserved,” said Mr. Rosenberg. “I am excited to watch Rich further capitalize on the great potential of the Cushman/Greystone platform and am so thrilled he is joining our team as we remain laser-focused on being the undisputed leader in commercial real estate capital markets.”

“I have always admired Greystone’s commitment to client service and its people-first culture, with the mission to improve people’s lives, and I’m looking forward to driving exponential growth for this incredible organization,” added Mr. Martinez.

Former Freddie Mac Senior Vice President of Production & Sales toExpand on the Firm’s Multifamily Growth

Greystone, a leading national commercial real estate finance company, announced Rich Martinez will join the firm as an Executive Managing Director, Multifamily Sales & Production in mid-June. In this newly created role, he will focus on new business growth for Greystone’s expanding multifamily platform as well as enhancing and optimizing the firm’s joint venture relationship with Cushman & Wakefield, which provides a comprehensive suite of debt and 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.

Mr. Martinez will be based in New York and report to Steve Rosenberg, Greystone’s founder & CEO.

“Rich’s reputation as a creative and effective production driver in the multifamily debt space is well known and well deserved,” said Mr. Rosenberg. “I am excited to watch Rich further capitalize on the great potential of the Cushman/Greystone platform and am so thrilled he is joining our team as we remain laser-focused on being the undisputed leader in commercial real estate capital markets.”

“I have always admired Greystone’s commitment to client service and its people-first culture, with the mission to improve people’s lives, and I’m looking forward to driving exponential growth for this incredible organization,” added Mr. Martinez.

Greystone, a leading national commercial real estate finance company, has provided a total of $74,300,000 in Fannie Mae Delegated Underwriting Servicing (DUS®) loans to refinance a 574-unit multifamily portfolio of affordable housing in Newark, NJ. The transaction was originated by Hope Curtis, Director at Greystone.

The mission-driven Fannie Mae financing includes acquisition debt as five separate loans on a total of 17 multifamily properties, all carrying 10-year terms and 30-year amortization periods. The properties range in size from 9 units to 108 units each, with the rent-regulated units deemed affordable housing for residents at both 80% and 60% of Area Median Income (AMI).

“It was such a pleasure working with our borrower to provide the financing for these simultaneous acquisitions, which will truly benefit the residents of Newark in the long term,” said Ms. Curtis. “It’s critical to preserve the country’s affordable housing stock, and Greystone is committed to working with property investors to help them achieve this goal.”