Greystone, a leading national commercial real estate finance company, has provided a $49,575,000 Freddie Mac Optigo® loan for the acquisition of a 484-unit apartment community in Pine Hill, New Jersey. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, on behalf of Goldcrest Management.

The $50 million Freddie Mac loan features an adjustable rate with a 10-year term and 30-year amortization, with the first five years of interest-only payments. Built in 1973, Chalet Gardens is a garden-style complex consisting of one- and two-bedroom units that offer modern finishes and appliances, eat-in kitchens, in-unit washer/dryers and private outdoor living spaces. Residents have access to the community’s fitness center, pool and sundeck, picnic area, playground, and parking. The property is close to the area’s dining, shopping, and recreation options, and is a short drive to Center City Philadelphia and New Jersey beaches.

“We are thrilled to play a role in making this acquisition happen for our client,” said Mr. Sacks. “Greystone’s multifamily financing platform is industry-leading and my team’s execution is centered around the client experience, so each transaction gives us an opportunity help our clients achieve their goals with a seamless process.”

“From the very start, our Greystone team demonstrated a high level of creativity and commitment to getting us the financing we needed to acquire this property – they were the perfect partner,” said Mr. Hillel Hertz, principal of Goldcrest Management. “Greystone’s understanding of the nuances of the local market, and of the particulars of the multifamily space in particular, is unparalleled and we look forward to working with our team again in the future.”

Featured Content Includes Analysis on Proposed Policy Changes and Potential Impact on Multifamily, a Look at the Regions Economists Believe are Poised for CRE Growth, and New Initiatives Launched to Boost Affordable Housing

Greystone, a leading national commercial real estate finance company, today launched its latest issue of Greystone Insights: Mid-Year Update 2021, an exclusive magazine that delves into the top trends shaping the multifamily market in 2021.

In this issue, Greystone presents an in-depth look at new policy changes proposed by the Biden Administration, from infrastructure to tax, and their potential impact on the multifamily sector. A look at the timeline for the country’s ongoing national eviction moratorium keeps readers up-to-date on the rules and restrictions enacted throughout the COVID-19 pandemic.

In its feature on affordable housing, Greystone highlights Fannie Mae’s efforts to promote Naturally Occurring Affordable Housing (NOAH). According to Harvard University’s Joint Center for Housing Studies, 75% of the 12 million affordable rental units in America’s major cities remain unsubsidized.

“The need [for affordable housing] has forced us to view affordable housing in a more expanded way,” says Fannie Mae’s Angela Kelcher, senior director of multifamily affordable housing for Fannie Mae.

This issue of Greystone Insights also includes analysis of the top markets that CRE economists believe are poised for growth, with most concentrated in secondary cities in southern and sunbelt states.

Click here to download the June 2021 issue of Greystone Insights.

Greystone, a leading national commercial real estate finance company, announced that Niraj Patel has been named Chief Information Officer and head of the firm’s technology organization. Jonathan Russell, President and CEO of Greystone’s corporate operations IT group, will retire at the end of 2021 and, in the meantime, help transition the role of leading Greystone’s technology group to Mr. Patel.

Mr. Patel brings more than two decades of IT leadership experience to Greystone and joins Greystone from DMI, a digital services and consulting agency, where he served as Global Head of Artificial Intelligence (AI) and analytics. Prior to DMI, he was the Chief Information Officer of Lending Platforms at IBM Global Business Services. Before joining IBM, Mr. Patel worked as the Chief Strategy Officer at Selex ES in New York and has also served as a Group President & Co-Founder of ISGN and CIO of GMAC Commercial Holdings.

Mr. Patel holds degrees in Management Information Systems and Finance from Temple University, a Management Certificate from the Wharton School of The University of Pennsylvania, and serves on the Board of Directors for Savana, Inc. He is a founding member of Temple University’s Fox School of Business MIS Advisory Board and is a former Board Director for MISMO.

“Niraj arrives at a time when Greystone is experiencing incredible growth, and technology operations are the backbone of scaling this expansion to ensure our clients receive seamless service,” said Curt Pollock, co-COO of Greystone. “With his background in the lending sector and in-depth exposure to running AI, machine learning, and managing complex matrixed teams, Niraj is poised to propel Greystone to the next level in meeting our technology services goals.”

“At the same time, it is truly bittersweet that Jon is retiring from Greystone, but he’s left a legacy after 16 years that is quite indelible,” Mr. Pollock added.

“I’m thrilled to lead the technology organization at Greystone at such an exciting time for the firm, and at such an exciting time in the tech space overall,” said Mr. Patel. “It’s an honor to help support the important work Greystone does to build and finance affordable and multifamily housing, its critical charitable giving, and the drive and determination to be innovative and nimble in all things technology.”     

Greystone, a leading national commercial real estate finance company, has provided a $29.6 million Freddie Mac Optigo® acquisition loan for a 247-unit multifamily property in Grand Prairie, TX. The financing was originated by Dan Gillard, Managing Director in Greystone’s Philadelphia office, on behalf of 180 Multifamily Properties’ Principals, John Barker and Lance Woodward.

The 70% LTV non-recourse $29,596,000 Freddie Mac loan carries a 10-year term, a floating interest rate with the first 5 years of interest-only payments, and a 30-year amortization period. Built in 2017, The Watson is a luxury apartment community with a range of deluxe amenities including 24/7 fitness complex; pool; fire pits; grill stations; wi-fi café; playground; pet-friendly parks; and four-story parking garage. The property’s location provides easy access to Dallas and Fort Worth, and a host of restaurants, shopping, and recreation options.

“I’m thrilled we were able to deliver such a strong execution for this valued, repeat client during a time of severe interest rate volatility and continued headwinds related to Covid-19,” said Mr. Gillard.  “Greystone’s deep multifamily expertise and certainty of execution makes us an excellent choice for quality sponsors who are interested in exploring Agency permanent financing options. Congratulations to John, Lance and the entire 180 Multifamily team on a terrific addition to their portfolio.”

“Greystone’s performance went above and beyond what was expected, and given that we are faced with a host of new challenges in multifamily ownership and management coming out of the pandemic, their guidance never wavered and they delivered for us yet again,” said Mr. Barker.

Greystone, a leading national commercial real estate finance company, has appointed Marc Fox as Chief Financial Officer, effective today. Based in New York, Mr. Fox will serve an integral role on the executive leadership team at Greystone. Bruce Bolick, who has served as CFO for over 12 years, will transition the role to Mr. Fox and retire at the end of 2021.

Joining from Ladder Capital Finance, where he served as CFO for 12 years, Mr. Fox brings a wealth of experience in his more than two decades in real estate finance helping to grow and scale dynamic organizations. He has led multiple corporate transformations throughout his career, covering the entire ecosystem of financial structures and debt and equity offerings in commercial real estate.

Prior to Ladder Capital, Mr. Fox served as Executive Vice President and Treasurer at GMAC Commercial Mortgage (Capmark Financial Group) and its $23 billion in global assets. Mr. Fox holds both an MBA and Bachelor’s of Science in Economics from The Wharton School of the University of Pennsylvania.

“Marc’s experience is a perfect fit for Greystone and the path we envision for our future,” said Steve Rosenberg, founder and CEO, Greystone. “With the recent growth across a range of platforms and offerings for our clients from sales advisory to lending and servicing, and the increased activity and interest we are seeing from the capital markets, Marc’s expertise will be invaluable as we harness those opportunities. I’m thrilled to welcome Marc to the team.”   

Greystone, a leading national commercial real estate finance company, has provided a $16,376,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 168-unit multifamily community in Pensacola, Florida. The fixed-rate, 12-year loan with six years of interest-only payments and a 30-year amortization schedule was originated by Cullen O’Grady, Managing Director in Greystone’s Rockville, MD office.

The Flats at Ninth Avenue, built in 1971, comprises one- and two-bedroom units across 6.79 acres and was 99% occupied at time of close. Community amenities include a pool, bark park, volleyball court, clubhouse, and business center. The property is located in a desirable submarket of Pensacola, just north of I-10 offering quick access to all areas of Pensacola including the Naval Air Station. Three of Pensacola’s top five employers – the University of West Florida, Baptist Health Centers and West Florida Hospital are all within a mile of the property.

The sponsor is a private company and repeat client of Mr. O’Grady’s with a long-established track record and portfolio with Fannie Mae loans for multifamily properties.

“We executed the loan with very favorable Fannie Mae terms, allowing the borrower to achieve a strategic combination of cash-out and to secure a significant decrease in the interest rate,” said Mr. O’Grady. “We are always grateful when trusted clients come to Greystone for agency financing solutions, placing their trust in not only our lending capabilities but also our industry leading expertise.”