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.”  

Greystone, a leading national commercial real estate finance firm, has provided a $20,142,000 Fannie Mae DUS® loan for the acquisition of an affordable housing property in Chico, California. The loan was originated by Scott Wallace, Director at Greystone.

The Fannie Mae affordable loan for Cedar Village Apartments, a section 8 HAP property, carries a 15-year term at a fixed rate with a 35-year amortization. The 116-unit, garden style property was originally constructed in 1979 and consists of 10 two-story apartment buildings. The complex offers one-, two-, and three-bedroom units and features amenities such as a laundry room, playground, and business center.

“It was a pleasure working with the borrower to secure long-term financing with Fannie Mae and play a role in preserving affordable housing in the state of California,” said Mr. Wallace. “Greystone’s expertise with affordable housing financing and our long relationship with Fannie Mae is certainly beneficial for our clients.”

“Greystone’s guidance and expertise with Agency financing has played an integral role in the success of team’s mission to make affordable housing available to local residents,” said Andrew Agetstein of Pennant Housing Group.

Greystone, a leading national commercial real estate finance company, has provided a $26,000,000 bridge loan to refinance a 115-unit multifamily property in Staten Island, New York. The transaction was originated by Miryam Reinitz-Kops of Greystone on behalf of Iris Holdings Group, a national affordable housing developer and operator.  

The floating rate, interest-only bridge financing from Greystone features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. Belmont Daniel Apartments comprises two six-story buildings in the St. George waterfront neighborhood of Staten Island. Constructed in 1966, the 130,000-square-foot property features a mix of one-, two-, and three-bedroom units.

“When borrowers are seeking long-term, permanent financing with HUD for affordable housing projects, the transactions can be highly complex, so our proprietary bridge loan platform is a great capital solution for the interim period,” said Ms. Reinitz-Kops.

“Greystone’s reputation as an expert in both bridge-to-HUD financing transitions and the affordable multifamily space are well-known, and invaluable for property investors within this space,” said Chayim Kirschenbaum, a managing partner at Iris Holdings Group. “We are thrilled to have collaborated with the Department of Preservation and Development to preserve and rehabilitate this property for varying levels of affordability for the next 40 years. Having a financial partner who is fluent in the complexities of these transactions is critical for addressing the affordable housing crisis.”

Greystone, a leading national commercial real estate finance company, has provided a $71,340,000 Freddie Mac Optigo® loan to refinance a 197-unit multifamily property in Santa Rosa, California. The transaction was originated by Greystone’s Matt Miller on behalf of Gallaher Companies.  

The $71.3 million Freddie Mac fixed rate, non-recourse loan carries a seven-year term with a 30-year amortization and four years of interest-only payments. The financing enables the borrower to exit the construction loan on the property, which it built in 2021, in an area hard hit by recent wildfires and a dearth of rental housing. 

Sendero Townhomes offers three-bedroom townhomes and studio apartments with a community pool and sundeck, fitness center, clubhouse with billiards room, and on-site parking. The pet-friendly property is located off Highway 12 and near Highway 101, offering easy access to outdoor recreation centers, bike trails and downtown Santa Rosa.

“We are thrilled that we were able to help our client secure financing to provide much-needed multifamily housing in the Santa Rosa area, which is facing a shortage of housing following wildfires over the last few years,” said Mr. Miller. “At Greystone, we know that there is no greater show of appreciation than when a client entrusts us with multiple properties in their portfolio. We are grateful we could have some part in helping our long-term client realize their vision for this property.”

 “My past experience working with Greystone has always been second-to-none – their professionalism, lending platform, and client service are what keep me coming back,” said Mr. William P. Gallaher, founder of Gallaher Companies. “Greystone understood exactly what was needed for this property and their ability to bring the transaction to a quick close was, once again, exceptional.”

Greystone, a leading national commercial real estate finance company, announced today that it has arranged a $143,100,000 permanent loan for affiliate entities of RXR Realty to refinance 475 Clermont, a premier multifamily rental building located at the intersection of Fort Greene, Clinton Hill, and Prospect Heights in Brooklyn, NY. The Greystone Capital Advisors debt advisory team, led by Drew Fletcher and Matthew Hirsch, served as exclusive advisor to RXR. The new 10-year, fixed-rate loan was provided by an affiliate entity of MetLife Investment Management and refinances a $125,000,000 construction credit facility from J.P. Morgan and People’s United Bank that was also arranged by Greystone in 2017.

475 Clermont is a 12-story luxury “70/30” multifamily residential building with 363 residential units, approximately 33,000 square feet of retail, and over 45,000 square feet of parking. Designed by Aufgang Architects & Durukan Design, the property’s residential units feature in-unit washers and dryers, 9- to 11-foot ceilings, private terraces, expansive views of Manhattan and Brooklyn, and kitchens with stainless steel appliances by Beko, Bertazzoni, and Fisher & Paykel. The property’s amenity package includes a business center with meeting room, children’s room with adjacent outdoor play area, state-of-the-art fitness center with outdoor fitness deck, and a roof terrace with lounge areas, fireplaces, outdoor gaming, movie screen, grilling stations, and dining areas. The property also features a landscaped courtyard which boasts a 7-story mural designed and painted by Mona Caron.

“We appreciate our collaborative relationship with financial partners like Greystone,” stated RXR Realty’s President, Michael Maturo. “Their commitment to 475 Clermont – from construction to long-term financing – further supports RXR’s vision and success in creating enduring value to the communities in which we develop and operate.”

“RXR has established itself as one of the premier institutional owners and developers of multifamily housing in the NY Metro Market, and 475 Clermont is another example of the firm’s vision and success in delivering high-quality housing to emerging neighborhoods,” said Drew Fletcher, President of Greystone Capital Advisors. “We are excited to have worked with RXR on this incredible project, beginning with the original construction financing and now again at the permanent financing stage as RXR’s vision for Fort Greene comes to fruition.”

Greystone, a leading national commercial real estate finance company, has provided a $22 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to acquire a 324-unit multifamily property in Indianapolis, Indiana. The financing was originated by Dan Sacks, Managing Director at Greystone, for long-time client Cyclone Wildwood 324, LLC.

The $21,996,000 Fannie Mae loan carries a 12-year term and 30-year amortization, along with a low, fixed rate and five years of interest-only payments. Wildwood Village Apartments consists of 33 garden-style apartment buildings, offering one- and two-bedroom units with modern appliances, in-unit washer/dryer hook ups, fireplaces, generous storage and private outdoor spaces. Residents of the pet-friendly community also enjoy access to the community clubhouse, business center, fitness center, swimming pool, sports court and dog park. The property is located near Interstate 65 and offers easy access to downtown Indianapolis, as well as to the area’s dining and shopping establishments.

“There is no greater compliment than when clients come back to us with other properties in their portfolio,” said Mr. Sacks. “The long-standing relationships we’ve built with our clients are based on their trust in our proven ability to understand their needs and execute their transactions seamlessly.”

“When we’re under a timeline to acquire an asset, we know we can rely on Greystone to get the deal done,” said Mr. Eichorn, principal of Cyclone Wildwood 324. “This was another successful 1031 exchange – we truly rely on Greystone because they demonstrate a passion and vision for our properties that mirrors our own, and frankly, their knowledge of the multifamily space is really unparalleled in this industry.”