Greystone, a leading national commercial real estate finance company, provided a $24,750,000 Freddie Mac Optigo® loan to refinance a 70-unit senior housing property in Mashpee, Massachusetts that includes 10% of the units designated affordable housing by the Cape Cod Housing Authority. The transaction was handled by Shailini Nehra, Managing Director at Greystone, on behalf of Northbridge Companies.

The $24,750,000 Freddie Mac fixed-rate, non-recourse financing carries a 10-year term and 30-year amortization. Built in 2018, Laurentide at Mashpee Commons in Barnstable County includes studio, one-, and two-bedroom units and offers assisted living and memory care services. The community, managed by New England-based owner / operator Northbridge Companies, features a full physical and occupational therapy gym, movie theatre, bistro, café, a large outdoor patio, and landscaped walking paths. Residents also enjoy salon and barber shop services, chef-prepared meals, life enrichment, and wellness programming.

“At Greystone, we are dedicated to helping clients realize their vision for their properties – our extensive lending platform means we bring the right resources to bear on any project,” said Cary Tremper, head of Greystone’s Senior Housing Capital Markets Team. “We are driven by our commitment to meeting the financing needs of the senior housing space, and it was our pleasure to work with Northbridge on this transaction.”

“Northbridge is committed to creating environments where residents can be inspired to live well and love life,” said Mr. James Coughlin, CEO, Northbridge Companies, which develops, owns, and manages vibrant senior living communities throughout New England. “Our Greystone team’s passion for what we do made them a true partner on this transaction and we look forward to working with them again in the future.”

Greystone, a leading national commercial real estate finance company, announced that David Sebastian has joined the firm as a Senior Managing Director. In this role, Mr. Sebastian will work with Greystone’s senior leadership team to enhance and expand the firm’s presence in the affordable housing capital markets. Greystone is a top affordable housing lender through its Agency and FHA platforms and provides a variety of tax-exempt bond financing solutions through its affiliate ATAX. In addition, Greystone provides investment sales and advisory services to affordable housing owners, development and advisory services on new construction and preservation deals and manages thousands of affordable housing units for Harmony Housing -- the non-profit organization it launched.

“Greystone’s reach in affordable housing is certainly already very wide, and if we harness these many strengths together, we can create new opportunities while solidifying our leadership position as an affordable housing capital provider,” said Mr. Sebastian. “It’s a complex sector, but by having a robust toolbox at our clients’ disposal, we can be an even more valuable partner to them.”    

A long-time veteran of the affordable housing industry, Mr. Sebastian most recently served as President of the Wentwood Companies, an institutional Low Income Housing Tax Credit (LIHTC) fund manager and owner-operator of affordable housing communities. Mr. Sebastian previously ran the LIHTC equity platforms at GMACCH / Capmark and, prior to that, PNC Bank. He was also the President of the Affordable Housing Tax Credit Coalition, an affordable housing industry trade association and has spoken at and participated in a number of industry events over the years.

Mr. Sebastian is based in Austin, Texas, and reports to Greg McManus, Greystone’s Chief Growth Officer.

“Having worked with Dave for many years, I know his strategic vision and capital markets knowledge will help elevate Greystone’s role in the affordable sector,” added Mr. McManus. “I’m thrilled to welcome him to Greystone, and could not be more excited for what’s in store for affordable at Greystone with Dave’s direction.”

Greystone, a leading national commercial real estate finance company, has provided $44,317,000 in total Fannie Mae Delegated Underwriting Services (DUS®) financing for the acquisition of a 472-unit multifamily portfolio of three communities in Chesapeake, Virginia. The transaction was originated by Steven Vainer, Managing Director at Greystone, on behalf of MRKT Capital.

The non-recourse, fixed-rate, interest-only Fannie Mae loans all carry 12-year terms and six years of interest-only payments. The communities, Green Tree Apartments with 208 units, Emerald Lake Apartments with 132 units, and Oak Grove Apartments with 132 units, are all located in the Chesapeake market south of Norfolk, Virginia, and are well located to retail, entertainment, and industry/workforce opportunities. The communities include volleyball courts, fitness centers, pool, and walking/biking trails.

“We are thrilled to add these well-located, desirable properties to our portfolio, and Greystone’s guidance as a lender was critical to making the acquisition a success,” said Colin Moorhead and Robert Thorsen, Principals, MRKT Capital.

“The team at MRKT Capital has been a pleasure to work with, and I look forward to collaborating on future transactions,” said Mr. Vainer.

17-Year Industry Veteran to Lead Debt Sales and Services Across Greystone’s Agency Platforms, Lead Affordable Lending Sales Desk

Greystone, a leading national commercial real estate finance company, announced Triloki Kaushal has joined the firm as a Managing Director. In this role, He will focus on debt sales and services for multifamily clients across Greystone’s Agency platforms and lead the firm’s Affordable Lending Sales Desk.

Prior to joining Greystone, Mr. Kaushal most recently served as a Chief Underwriter for Newmark’s Fannie Mae and Freddie Mac platforms, where he oversaw the structuring, underwriting, and approval of conventional and affordable transactions. Before his role at Newmark, Mr. Kaushal was a Managing Director and a Senior Credit officer at Hunt Mortgage Group (now Lument) in various capacities within underwriting and risk.

“Greystone is a leader in affordable housing finance, and we expect to grow the debt platform supporting Fannie Mae and Freddie Mac’s mission-driven goals in 2022 and beyond,” said Mr. Kaushal. “I look forward to working with the team to serve clients in the multifamily sector as Greystone continues its upward trajectory as a capital markets provider.

Mr. Kaushal is based in New York and reports to Chip Hudson, co-CEO of Agency lending at Greystone. He earned a Bachelor’s degree from New York University and Master’s degrees in Economic and International Political Economy and Development from Fordham University.

Greystone, a leading national commercial real estate finance company, has provided a $97,160,000 HUD 223(f) loan to refinance a 506-unit multifamily property in Beaverton, Oregon. The opportunity was brought to Greystone by Melvin Mark Capital Group after helping Peterkort Residential I, LLC evaluate and consider all the alternatives.

Constructed in 2007, Deveraux Glen Apartments in Washington County is a community of 34 detached and semi-detached townhouse walk-up buildings consisting of one-, two-, three-, and four-bedroom units. The low, fixed rate $97.2 million HUD-insured loan carries a 35-year term and amortization, with 65% loan-to-value (LTV). The property qualifies for a 25-basis point reduction in Mortgage Insurance Premium (MIP) for achieving green standards.

Greystone’s local Portland team has extensive multifamily credit experience and knowledge of the local market. They make it their priority to find solutions for clients, and bring every transaction to a quick, seamless, and satisfactory close.

“We are thrilled with Greystone’s work and look forward to continuing our relationship in the years to come,” said the borrower representative of Peterkort Residential I, LLC. “Greystone’s capabilities and credentials in the multifamily space are impeccable, matched only by the outstanding care, commitment, and creativity they demonstrated throughout this transaction.”

Greystone, a leading national commercial real estate finance company, has provided a $49,032,200 HUD-insured loan for the acquisition of a 312-unit multifamily property in Houston, TX. The transaction was originated by Shana Daby of Greystone on behalf of Olive Tree.

The non-recourse, fixed-rate, 35-year loan for The Life at Westpark secures the affordable housing property with long-term FHA financing. Life at Westpark comprises two-, three- and four-bedroom units, all of which are reserved for residents earning 60% of the area median income (AMI). With affordability due to expire by 2025, the new HUD-insured financing extends this affordability for 75 years after closing. The new owner, a partnership between Olive Tree and the Houston Housing Authority, plans to spend approximately $25,000 per unit to renovate the community, which was built in 1994. Current amenities include two swimming pools, playground, basketball court and recreation center.  Improvements to the property include Fair Housing Act compliant retrofits, new flooring, countertops and cabinetry, energy-efficient plumbing fixtures and replacement of hot water heaters and HVAC condensers with energy efficient units.

“Olive Tree has made a significant, long-term commitment to acquiring, preserving and improving the physical condition and affordability of multifamily housing across the United States, with a special emphasis on the Houston market,” said Ian Bel, Managing Member and CEO of the borrowing entity. “With their knowledge in affordable housing and the Texas market, and a wealth of financing options available, Greystone has been a wonderful partner as we work to achieve our goals.”

“Ian and his team have shown their dedication and perseverance will have a very positive impact on Houston and its residents,” said Ms. Daby. “Preserving the affordability of this quality asset for decades to come will surely be a comfort to many. We were thrilled to work with Olive Tree on this exciting acquisition. Furthermore, HUD demonstrated its commitment to affordable housing by exhibiting impressive skill and speed to close the transaction by a critical deadline.”