Greystone, a leading national commercial real estate finance company, has provided an $11,050,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 124-unit multifamily property in Oakland Park, Florida. The transaction was originated by Kyle Jemtrud, Managing Director at Greystone, on behalf of 61-34 Madison Real Estate LLC. 

Built in 1971, Oakwood Apartments in Broward County is a garden-style apartment community with four buildings consisting of one- and two-bedroom units, in addition to an onsite pool and laundry facilities. The non-recourse $11 million Fannie Mae loan carries a 15-year term and a 30-year amortization period, as well as a fixed interest rate and a 55% loan-to-value (LTV).

“We were thrilled to help our client secure the right long-term financing with Fannie Mae for this property,” said Mr. Jemtrud. “When it comes to navigating the multifamily lending process amid changing market dynamics, our clients always benefit from our deep lending platform, our extensive multifamily expertise and our ability to execute.”

“We couldn’t be happier - our Greystone team was able to get us the capital we needed and the long-term financing solution we desired,” said Mr. Mr. Sinisa Fljankovic, principal of 61-34 Madison Real Estate LLC. “Our Greystone team stayed focused on getting the deal done seamlessly and quickly so that we could stay focused on managing this property and others in our portfolio.”

Greystone, a leading national commercial real estate finance company, has provided a $17,529,400 construction loan under the HUD 221(d)(4) program for the $38.7 million redevelopment of an age-restricted affordable housing community located in West Palm Beach, Florida. The transaction was originated by Jon Morales, Senior Vice President at Greystone, on behalf of PHASE Housing Corporation, Inc. 

Located in Palm Beach County, Christian Manor Apartments consists of four, three-story elevator buildings, with a total of 200 studio and one-bedroom units. The substantial rehabilitation of the property, which was originally constructed in 1972 under HUD’s Section 236 program, will upgrade, preserve, and provide quality affordable housing for low-income (below 60% AMI) and extremely low-income seniors (below 28% AMI) over 62 years of age. The project team worked with HUD and the West Palm Beach Housing Authority to obtain project-based rental assistance for over half of the residents who, although eligible, were previously not receiving this support.

Funding sources for this transformative project include the $17.5 million HUD-insured 221(d)(4) loan from Greystone, as well as 4% Low-Income Tax Credit Equity, and secondary debt consisting of a Florida State Apartment Incentive Loan (SAIL) and Florida Extremely Low-Income funds. The non-recourse HUD-insured loan carries a 40-year term at a low, fixed rate.

The redevelopment team consists of Paul Ponte, Principal with PHASE Housing Corporation, Inc., Jason B. Duguay, Senior Vice President of SCG Development, Rhett Holmes, President, and Steve Brooks, Chief Financial Officer, of IDP Properties. The timeline for the renovation is projected to take up to 16 months. In addition to updating and rehabilitating each building’s exterior façade, roof and common areas as well as upgrading the property grounds, all 200 individual units will receive new energy-efficient appliances, new flooring, fixtures, and paint.

“We’re inspired by clients like PHASE Housing, who share our deep commitment to delivering affordable housing, which is in high demand in areas like Palm Beach County,” said Jon Morales. “It’s incredibly meaningful to be able to secure the right financing for clients who are positively impacting lives by restoring and providing quality housing for so many in our local communities.”

“Preserving and providing quality affordable housing for seniors in West Palm Beach is a priority for us and we are grateful to all of our partners who have made this transaction possible,” said Paul Ponte, principal of the borrowing entity. “With affordable housing and HUD financing experts like Greystone on our team, we’re able to provide our residents a quality living experience in a great community.”

Greystone, a leading national commercial real estate finance company, has provided a total of $123,047,900 in HUD-insured loans to refinance a 560-unit multifamily property portfolio in Riverside, CA. The transaction was originated by Dan Sacks and Ilan Bassali of Greystone.

The two HUD-insured Section 223(f) loans finance Colonnade at Sycamore Highlands, comprising 288 units, and Castlerock at Sycamore Highlands, comprising 272 units, with long-term, fixed rate debt. The $63.4 million and $59.6 million loans, respectively, both carry 35-year terms, representing 77% loan to value.

Constructed in 2000, the properties were acquired by the current owners in 2007 and since then, over $2.5 million combined has been invested in the assets. Together, the assets total 31 three-story buildings spanning just over 30 acres, with amenities including fitness centers, swimming pools, clubhouses, bocce courts, outdoor fireplaces and BBQ areas, and business centers. Situated near UC Riverside, both properties serve as home base for students and also offer furnished units.

“These two Class-A properties are a shining example of quality sponsorship and well-run management, and we are thrilled to provide a long-term financing solution in today’s increasing rate environment,” said Mr. Sacks. “Greystone’s expertise in HUD financing, as the #1 commercial lender in the U.S., give clients the confidence in our knowledge and execution.”

“We are excited to be working on more transactions in the western region, where the multifamily market is showing strong signs of growth,” added Mr. Bassali. “While many borrowers contemplate a sale with valuations at all-time highs, we continue to work with those looking to maximize capitalization and own their assets long-term.” 

Greystone, a leading national commercial real estate finance company, has provided a $12,350,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance an existing 68-unit multifamily property in Marquette, Michigan. The transaction, contributing to the redevelopment of industrial brownfield land on Marquette’s waterfront, was originated by Reuben Dolny and John Marr of Greystone.

The $12.3 million Fannie Mae loan carries a 10-year term at a fixed rate, with a 30-year amortization. Constructed in 2019, One Marquette Place is a six-story rental building with a mix of studio, one-, two-, and three-bedroom units and includes a rooftop terrace and community room along with common-area amenities such as an exercise room and stunning lake views. The property, formerly brownfield land utilized as industrial docks, is situated along Lake Superior and is Energy Star Certified. The sponsor has created an architectural master plan to beautify the shoreline with multifamily, hospitality, mixed-use and public green and walking space.

“One Marquette Place is primed for long-term Agency financing as it’s a high-quality asset with an excellent sponsor that is dedicated to, and invested in, the local area,” said Mr. Dolny. “With master plans to expand the complex by adding additional phases, this property will represent a mix of multifamily offerings suited to the varied needs of the Marquette market, and we are thrilled to have completed the first phase of refinancing.”

“We are grateful to Greystone for their guidance and expertise on the financing for One Marquette Place as we work toward executing our master plan for Marquette’s shoreline,” said Mr. Barry Polzin, key principal of the borrower, developer, and architect for the project, Barry J Polzin Architects. “This transformational project was handled with responsiveness, knowledge and customer service beyond our expectations, all of which is a critical for the success of this type of deal.”

Greystone, a leading national commercial real estate finance company, has provided a $20,000,000 HUD 223(f) loan to refinance a 127-unit multifamily property in Philadelphia, Pennsylvania. The financing was originated by Jason Yuen, Managing Director at Greystone, on behalf of 49th & Spruce Associates LP, a repeat client of the firm.

First constructed in 1925 and completely renovated in 2012, Croydon Hall Apartments in Philadelphia County is a mid-rise elevator building consisting of one-, two- and three-bedroom units. The $20 million HUD-insured loan carries a 35-year term and 35-year amortization along with a low, fixed rate. The property qualifies for a 25-basis point reduction in Mortgage Insurance Premium (MIP) for achieving green standards.

“There is no greater compliment than when clients come back to Greystone, particularly because they know they can trust us to help them overcome obstacles in a transaction,” said Mr. Yuen. “Our team, and in particular Phiet Nguyen, worked tirelessly to ensure that our client had an exceptional experience in spite of challenging uncertainties. We look forward to partnering with them on more deals in the future.”

“Having worked actively in real estate in Philadelphia for quite some time, we can’t emphasize enough how pleased our team is with Greystone’s expertise and handling of this transaction,” said Mr. Kfir Binnfeld, principal of the borrower. “Our Greystone team, led by Jason Yuen and Phiet Nguyen, were consummate professionals, handling every curveball thrown at them during the process. It is truly because of their creativity and expertise in the multifamily market that we were able to finalize the transaction -- they were great partners and we look forward to working with them again.”

Greystone, a leading national commercial real estate finance company, has provided a $9,745,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a multifamily portfolio consisting of 24 units in Brooklyn, New York. The transaction was originated by Jason Yuen of Greystone, with Abe Weinstock acting as correspondent.

The properties – 1624 East 12^th Street in Midwood and 116, 118, 118A, 120 Seigel Street in Williamsburg – were constructed by the borrower in 2006 and 2008, respectively, and consist of a mix of one-, two-, and three-bedroom units. The non-recourse, fixed rate $9.7 million loan carries a 10-year term and 30-year amortization, with two years of interest-only payments and 74% loan-to-value (LTV).

“Greystone’s specialty is tapping our deep well of multifamily resources to navigate through complex transactions, and we love partnering with clients who have a strong connection to, and pride of ownership in, their properties,” said Mr. Yuen. “This financing was no exception - our team worked tirelessly to ensure a swift closing that satisfied all of the parties and we look forward to delighting this client again in the future.”

“Jason and his team at Greystone are true partners who take unusual care to raise the bar on every transaction,” said Mr. Weinstock, correspondent on this transaction. “I value their insights and the level of care and service they provide to my clients, which is why I look forward to more successful closings with Greystone down the road.”