Greystone, a leading national commercial real estate finance company, has provided a total of $68 million in Fannie Mae financing to acquire a 595-unit multifamily property in Prince Georges County, Maryland. The financing was originated by Dan Sacks and Eric Rosenstock, Managing Directors in Greystone’s New York office, on behalf of Quantum Equities.

The first loan is a $65,860,000, Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan that carries a 12-year term and 30-year amortization, with a low fixed interest rate and six years of interest-only payments. The transaction also includes an additional $2,140,000 in Fannie Mae mezzanine financing that carries a 12-year term and 30-year amortization, with full-term interest-only payments. Loan proceeds will be used to continue with ongoing renovations, in addition to purchasing the property.

Borrowers who use Fannie Mae’s Green Rewards program commit to engaging in property upgrades that reduce water and energy consumption.

Constructed in 1963, Regency Pointe is a garden-style apartment community in District Heights that offers 595 one-, two-, and three-bedroom units with modern appliances and finishes, walk-in closets and private outdoor living spaces. Residents can also enjoy the property’s business center, swimming pool and fitness center, picnic and playground areas, on-site laundry facilities and reserved parking. The property is close to retailers and shopping, and offers easy access to Washington DC via the I-495 Capital Beltway and the Washington Metropolitan Area Transit Authority’s Walters Lane bus stop and Suitland metro station.

“We are thrilled that we were able to put together financing terms which are best in class to bring this transaction to life for our client in the current environment,” said Mr. Sacks. “Greystone’s strong partnership with Fannie Mae and industry-leading commitment to service excellence and seamless execution provide our clients with enhanced returns and confidence that their closing is being managed by the best.”

Greystone, a leading national commercial real estate finance company, announced that Jeff Pirhalla has joined as a Director for the firm’s Agency lending platform. In this role, Mr. Pirhalla will focus on bank correspondent and lending relationships intended to drive volume for Greystone’s industry-leading small loans and overall Agency lending platforms.

Mr. Pirhalla comes to Greystone after five years at CBRE, where he founded the Wholesale and Bank Correspondent Lending divisions. His previous roles included National Accounts Manager for Sabal Financial; portfolio surveillance and risk analysis for Wells Fargo’s $600 billion CMBS and Agency loan portfolios; and being instrumental in the expansion of several commercial real estate lending platforms for Impac Commercial Capital Corp, SunTrust Banks, and JPMorgan's CMBS division. Mr. Pirhalla will be based on Atlanta, GA and Charlotte, NC and reports to Rick Wolf, head of Greystone’s small loan and East Coast Agency lending platform.

“Greystone’s reputation as a forward-thinking lender that has taken a deliberate approach to creating a solution for any capital need will certainly be an asset to the banks I work with,” said Mr. Pirhalla. “I’m thrilled to join the team at such a high-growth phase in the company’s journey, and I look forward to being an integral part of that success.”

“Jeff’s entrepreneurial approach to working with banks as deal partners has proven to be a successful formula for growth,” said Mr. Wolf. “With Greystone’s leading platforms at his disposal, there are no limits to the options his existing and new clients may find with us.”

 Of its Total $16.6 Billion in Originations for 2020, Greystone Produced $5.16 Billion in HUD-Insured Volume for Multifamily & Healthcare Properties Nationwide, Ranking #1 with Highest Market Share Among All Lenders

 Greystone Completes 2020 as a Top 10 Fannie Mae DUS® and Freddie Mac Optigo® Lender; Ranks Among Top Lenders for Fannie Mae Small and Freddie Mac Small Balance Loans

 Greystone, a leading national commercial real estate finance firm, reaffirmed its leadership position as a top FHA, Fannie Mae DUS®, and Freddie Mac Optigo® commercial lender with 2020 loan production volume totaling $14.3 billion across these three Agency platforms. In total, Greystone originated $16.6 billion in volume in 2020 including its balance sheet and proprietary lending platforms. 

On its FHA platform, Greystone produced $5.16 billion in HUD-insured commercial loans, including multifamily and healthcare Firm Commitments and rate modifications, which reduce a borrower’s rate. This origination total comprises $3.84 million in multifamily loans and $1.32 million in healthcare loans.

Separately, Greystone financed $9.14 billion in multifamily loans across both Fannie Mae and Freddie Mac platforms, including affordable, seniors, student housing and small balance loans, the latter which are primarily mission-driven and workforce housing properties. In total, Greystone’s small balance origination volume surpassed $1.4 billion, positioning the firm as a leading provider of small loans for Fannie Mae (ranked #2) and Freddie Mac (ranked #3).

“I am inspired by the commitment, drive, and dedication of our lending, underwriting, and support teams to have accomplished what they did during an ongoing pandemic and the challenges that have come along with changing the way we are currently living and doing business,” said Steve Rosenberg,  founder and CEO of Greystone. “With that said, we have only scratched the surface of our objective to be the unquestioned sole source of capital for existing and new clients. We are constantly evolving as the market continues to change, and I am beyond excited to see what our team will achieve in 2021.”

“The record-breaking year of loan volume where clients put their trust in Greystone to help them navigate through the HUD process is a testament to the hard work and dedication of our FHA team and excellent execution capabilities,” said Nikhil Kanodia, head of Greystone’s FHA lending platform. “The HUD option, with 35-year, non-recourse terms and low fixed-rate rates, is certainly catching on, and we are proud to be the leader in helping clients realize this financing solution.”

On being one of the top producing small loan lenders for both Freddie Mac and Fannie Mae, Rick Wolf, head of small loan production at Greystone, added, “We have always been committed to serving the small loans market and know how critical this segment is to the workforce housing community. Having worked very closely on small loans with Fannie Mae for over 16 years and with Freddie Mac since the inception of their SBL program in 2014, we know the demand for financing in this market segment is strong, and we thank each Agency for being our partners in serving multifamily investors in this space.”

Greystone, a leading national commercial real estate finance company, has provided a $23.8 million HUD-insured loan to refinance a newly-expanded 220-unit seniors housing and healthcare services campus in Elkhart, Indiana. The financing was originated by Lisa M. Fischman, Vice President in Greystone’s New York office on behalf of non-profit Hubbard Hill Retirement Community.

Located on 70 acres in Indiana, Hubbard Hill is a faith-based, non-profit, continuing care retirement community with independent living, assisted living, long-term skilled nursing & short-term rehab, and the groundbreaking Living Wisdom Center for Dementia. Residents of the sprawling wooded property have access to the community’s 2-acre Sr friendly park with waterfalls and stocked ponds, gorgeous  courtyards and trails throughout campus, a wellness center, 150 seat chapel, and 2 restaurant style dinning venues and Bistro.

The $23,862,700 HUD-insured section 223(a)(7) loan, which refinances the skilled nursing, assisted living, and memory care portion of the Hubbard Hill campus, carries a 30-year term with a low, fixed interest rate. This permanent financing represents a refinance of a previous HUD loan and higher-rate construction financing used for an extensive expansion. As a result of Greystone’s execution, Hubbard Hill projects $280,000 in annual savings, in addition to reducing reserve escrows for the non-profit.

“This was a very unique challenge, so we built the solution from scratch. HUD approved the process every step of the way,” said Ms. Fischman. “My team at Greystone is highly trained with a wealth of experience. This allows us to tailor solutions for each client, in our efforts to always exceed their expectations.”

“Greystone’s commitment to service was evident during this transaction, which was nothing short of a miracle,” said Mr. Patrick Pingel, CEO at Hubbard Hill. “The ingenuity that the team exhibited truly astounded us, and the outcome will result in savings for our organization over time that can be passed directly to the care we provide to our residents. We are thrilled that Lisa and the Greystone team went above and beyond to ensure our operation can thrive for the long-term.”

Greystone, a leading national commercial real estate finance company, has provided a $28,992,000 HUD-insured loan to refinance a 288-unit affordable housing property in Mangonia Park, Florida. The financing was originated by Fred Levine, Managing Director in Greystone’s New York office, on behalf of long-term client Royal Castle Development.

The $28,992,00 HUD-insured Section 223(f) financing carries a 35-year term and 35-year amortization, along with a low, fixed interest rate. The property has a LIHTC land use restriction agreement (LURA) that requires limits on tenant income and rent restrictions for all units.

Constructed by the borrower in 2000, Hampton Court Apartments consists of 19 garden-style apartment buildings offering two- and three-bedroom units with updated appliances, washer/dryer hook ups, and private outdoor living spaces. Residents have access to the gated community’s clubhouse and business center, swimming pool and fitness center, tennis court, picnic and playground area, laundry facility and on-site parking. With Interstate 95 in close proximity, the property offers easy access to some of the area’s top employers, medical facilities, downtown West Palm Beach shopping, golf courses and beaches, as well as Palm Beach International Airport. 

“Our expertise in the affordable housing space and our industry-leading HUD platform enables us to find solutions that meet the needs of our clients and, ultimately, the residents of property,” said Mr. Levine.

“Greystone’s longstanding commitment to the affordable housing market mirrors our own, and we value the team’s expertise and finesse in getting these transactions to a quick close,” said Mr. Elliott Stone, principal of Royal Castle Development. “We want our residents to enjoy a quality home in a safe community. We keep coming back to Greystone because they work tirelessly to uncover opportunities and secure the right resources to make this vision a reality.”

Greystone, a leading national commercial real estate finance company, has provided $37,511,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans for the acquisition of three multifamily properties totaling 272 units in Delaware and New Jersey. The transactions were originated by Dan Sacks, Managing Director in Greystone’s New York office, on behalf of long-time client, Goldcrest Management. Jack Miller of Platinum Capital Group acted as correspondent on the transaction.

Greystone secured a non-recourse $25,069,000 Fannie Mae loan to acquire The Garrison in New Castle, Delaware, a 120-unit midrise multifamily apartment property constructed in 2019. The fixed rate loan carries a 12-year term with a 30-year amortization and five years of interest-only payments.

Greystone also provided a fixed rate $12,442,000 Fannie Mae Green Rewards loan featuring a 12-year term and 30-year amortization, with five years of interest-only payments for the acquisition of a two-property multifamily portfolio in Vineland, New Jersey. Regency Court is a 104-unit garden style apartment community constructed in 1971 and Chestnut Court a 48-unit garden style apartment community built in 1948.

“I can think of no greater affirmation of the quality of Greystone’s services than when clients repeatedly ask us to partner with them on their deals,” said Mr. Sacks. “We recognize that clients have a choice, and we are honored when they continue to choose Greystone. We aim to outperform on service and execution expectations on every engagement, so that clients who come back to us enjoy an even better experience than the one they remembered.”

“The Greystone team is integral to our success because they consistently leverage their deep expertise in the multifamily market and lending resources to meet the needs of my expanding portfolio,” said Mr. Hillel Hertz, principal of Hillcrest MH. “Their passion for multifamily is matched only by their pursuit of excellence on every transaction, and that’s exactly what I want in a partner.”