Greystone, a leading national commercial real estate finance company, has provided a total of $34,960,000 in HUD-insured loans to refinance a portfolio of five skilled nursing facilities across southeastern Wisconsin comprising 558 beds. The loans were originated by Fred Levine, a Managing Director of Greystone.
Each of the non-recourse, permanent FHA loans carries a low, fixed interest rate and 30-year term and amortization. The loans refinance the existing debt on the properties, which were purchased in 2017, enabling the borrower to continue with ongoing property improvements. The facilities are located in Antigo, Burlington, Manitowoc, and Kenosha.
“We work diligently to bring our clients successfully to the HUD 232 program – the gold standard in skilled nursing home financing,” said Mr. Levine. “Our Greystone team is focused on securing solutions that will positively impact our clients’ bottom lines and operations, and we’re always thrilled when we can add tremendous value to their portfolios.”
“Greystone understood what we needed to do, and because of its extensive lending platform and understanding of the skilled nursing marketplace, had the right resources to get us where we need to be,” said Mark Ruvel, principal of the borrower. “We are impressed with Greystone’s service and care in getting our transaction completed – they are a true partner.”
Greystone, a leading national commercial real estate finance company, has provided $20,740,000 in HUD 223(f) financing for the acquisition of a 265-unit multifamily property in Rapid City, South Dakota. The financing was originated by Richard Kourbage, Managing Director at Greystone, on behalf of Tzadik Properties, LLC.
The $20.74 million HUD-Insured loan carries a 35-year term and 30-year amortization along with a low, fixed rate.
LaCrosse Estates Apartments is a 265-unit workforce housing community offering one-, two-, and three-bedroom units. The property features amenities such as an indoor and outdoor pool, basketball court, fire pits, exercise room, and spa.
“We are thrilled to have worked with Tzadik Properties, LLC and their equity partner Circle Capital Partners, LLC to secure long-term financing for LaCrosse Estates as part of their growing portfolio,” said Mr. Kourbage. “One of Greystone’s key benefits is our ability to move quickly through the FHA process and guiding our client to a successful close.”
“We are pleased to have worked with the Greystone team on securing permanent financing for our largest purchase in the Midwest to date," said Tzadik Properties, LLC Chief Executive Officer Adam Marcus Hendry.
Greystone, a leading national commercial real estate finance company, announced that Rob Russell has been appointed head of Greystone Special Servicing. As President of this group, Mr. Russell will focus on its continued growth and will further integrate special servicing with Greystone’s existing primary servicing division, led by Sharon Briskman.
Mr. Russell played an instrumental role in the acquisition of C-III Asset Management in 2019, bringing the operation together with the firm’s CMBS division, which also included the launch of Greystone’s B-Piece buying capabilities. With a tenure of almost a decade at Greystone, Mr. Russell has been overseeing the production and operations of the firm’s CMBS lending platform and has spearheaded the launch of a number of specialized debt products, including Greystone’s CMBS mezzanine platform.
Mr. Russell now joins senior leaders Lindsey Wright, Senior Managing Director, and Jenna Unell, General Counsel, of Greystone Special Servicing – each with over 15 years at C-III Asset Management prior to Greystone’s acquisition – to continue the growth of the platform, which currently manages a portfolio of $20 billion.
“Rob has been an integral part of Greystone’s expansion into special servicing over the last two years, and his innate sense for identifying and finding solutions to client pain points is transferable across our many disciplines here at the firm,” said Curt Pollock, co-COO of Greystone. “Rob has been ingrained in the CMBS and special servicing worlds for years, and his guidance and leadership are invaluable to Greystone and its continued success.”
Greystone, a leading national commercial real estate finance company, has provided a $27,800,000 HUD-insured loan to refinance a 383-unit seniors housing property in Southfield, Michigan. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, on behalf of Loop Investments.
The $27,800,000 HUD Section 223(a)(7) financing replaces an existing FHA loan with a lower, fixed interest rate and a 35-year term and 40-year amortization, in order to increase the property’s cash flow. The property complies with HUD’s Energy Star requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium (MIP) reduction.
Built in 1970, Solaire Apartments is a pet-friendly community for residents 62 years of age and older. The property features two, three-story elevator buildings that offer studio, one-, two-, and three-bedroom units with updated finishes and appliances, spacious closets and private outdoor living spaces. Residents have access to the community’s clubhouse, fitness centers, swimming pool, picnic and play area, as well as on-site laundry facilities, beauty salon, library and parking. Located just outside of Detroit, the property is close to the area’s shopping, parks and outdoor recreation, arts and entertainment, and the Detroit Metro Airport.
“There’s no greater compliment than when clients come to us for our industry-leading HUD execution,” said Mr. Sacks. “Our deep knowledge of the multifamily space and our extensive lending platform enable us to deliver a consistently outstanding experience to every client, for every transaction.”
“Our commitment to our residents is to provide properties that they are proud to call home, and we trust our Greystone team to help us deliver on that promise by securing the foundational financing for our assets,” said Mr. Yechiel Lopiansky, principal of Loop Investments.
Greystone, a private national commercial real estate finance company, announced today it provided a $54,934,000 permanent Freddie Mac loan to an affiliate of Grubb Properties to refinance a recently constructed and stabilized 344-unit Class A multifamily property in the heart of Innovation Quarter in Winston-Salem, North Carolina.
The new 15-year, fixed-rate loan is a permanent takeout of the construction financing arranged by Greystone in 2018. Drew Fletcher, Paul Fried, and Matthew Hirsch originated both the construction and the permanent financing on behalf of Grubb.
Link Apartments Innovation Quarter is located within the burgeoning Innovation Quarter District that has been a catalyst for the growth and transformation of Downtown Winston-Salem. Just steps away from the Wake Forest University Biotech Campus and Bailey Park, the Property offers efficient luxury with contemporary, bright and meticulously designed units. The property features over 20,000 square feet of amenity spaces, including a roof-top terrace, saltwater pool, club-quality 24/7 fitness center, and chef’s demo kitchen.
“This closing is a perfect example of how Greystone can deliver for its clients through each stage of the entire project lifecycle,” said Mr. Fletcher, President, Greystone Capital Advisors. “We’ve been working with Grubb for years on this project and it’s been really exciting to see them execute on their plans and deliver such a transformative asset to Winston-Salem.”
Mr. Fried, Executive Managing Director, Greystone Capital Advisors, added, “Grubb is a long-time client of Greystone and we’ve enjoyed working with them again as they continue to demonstrate why they are a market leader.”
“Grubb Properties is pleased to have once again worked with Greystone, a valued partner with whom we have a deep relationship,” said James Hochman, Chief Financial Officer of Grubb Properties. “We look forward to the bright future of Link Apartments Innovation Quarter.”
Greystone, a leading national commercial real estate finance and development company, has secured two long-term leases at its mixed-use properties in Park Slope and Harlem in New York City.
At 225 4th Avenue in Brooklyn, Greystone leased 1,850 square feet to UPS for 10 years, adding a critical amenity for the residents of the 12-story, 63-unit property that was completed in 2018. The building is adjacent to the award-winning restoration of the landmarked 1910 Public Bath No. 7, which is currently leased by Blink Fitness.
At 69 East 125th Street in Harlem, Greystone leased 3,500 square feet to Detect, a COVID-19 data collection center. The retail space was previously occupied by the Mike Bloomberg presidential campaign and has also served as a seasonal Ricky’s Halloween pop-up store. Detect is a molecular diagnostics company that provides take-home, rapid COVID-19 tests.
Both leases were negotiated by Daniel D. DePasquale of Katz & Associates.
“We are thrilled with the addition of UPS in Park Slope and Detect in Harlem – both services that are highly critical to living in New York City today and will provide added convenience to our tenants and the surrounding communities alike,” said Thomas Ryan, head of Greystone Development.
