Greystone, a leading private national commercial real estate finance company, has provided $18 million in HUD-insured financing on a 138-unit multifamily property in Oro Valley, Arizona. The transaction was originated by Fred Levine, Managing Director at Greystone. 

The $18,000,000 HUD-insured Section 223(f) financing for Oro Vista Apartments carries a 35-year term and amortization, along with a low, fixed rate. Located in Pima County, the community consists of one-, two-, and three-bedroom market rate apartments spanning 12 three-story buildings. Community amenities include a fitness room, outdoor swimming pool, playground and picnic areas.

“It’s comforting for our borrowers to know that with all of the uncertainty in today’s environment, HUD has remained a stable source for property investors that qualify for its long-term, low-rate financing,” said Mr. Levine. “As the clear leader in commercial HUD lending, Greystone delivers to clients what they have come to expect and more, something we are incredibly proud of.”

Greystone’s FY2020 Volume for Multifamily and Healthcare Loan Firm Commitments Totals $3.5 Billion, Ranking #1 with 14% Market Share Among All Lenders

Greystone, a leading national commercial real estate finance firm, announced it ranks #1 based on volume of multifamily and healthcare Firm Commitments issued by the U.S. Department of Housing and Urban Development (HUD) for the agency’s 2020 fiscal year ending September 30, 2020. During this period, Greystone originated and obtained Firm Commitments for 191 HUD-insured loans totaling $3.48 billion, representing 14% overall market share – the largest of all commercial lenders – for HUD-insured multifamily and healthcare loans.

Greystone ranked highest based on dollar volume for Firm Commitments issued under HUD’s MAP program with $2.4 billion in origination volume for multifamily properties, as well as HUD’s LEAN program, totaling $1.1 billion in origination volume for healthcare properties, which include skilled nursing and assisted living facilities. In healthcare finance, Greystone’s HUD loan volume for this period represents 26% market share of all lenders.

Both HUD’s and Greystone’s overall lending volume increased dramatically over the past year. HUD’s firm commitment volume for multifamily and healthcare in FY2020 increased approximately 58% over FY2019 while Greystone’s overall lending volume for multifamily and healthcare properties increased nearly 120% during the same period.

The growth in HUD’s production volume and Greystone’s consistent success in leading the industry for HUD-insured lending can be attributed to a number of external and internal factors. With interest rates sustained at some of the lowest levels in history, Greystone has continued to focus on customer service and the highest-level execution for its clients.

“The demand for HUD-insured loans has been incredible this past year, and our team has stepped up to deliver to clients the best execution for this highly attractive financing option across the multifamily and healthcare sectors,” said Nikhil Kanodia, head of Greystone’s FHA lending group. “We want to thank HUD as well as our valued clients for their confidence in us, and for their continued partnership as we navigate the increased demand in FHA loans.”

Greystone, a private national commercial real estate finance company, announced today its closing of a $289,289,000 permanent Freddie Mac loan made to an affiliate of BLDG Management Company, Inc. (“BLDG”) for the Summit, a premier multifamily rental building in Midtown Manhattan. The new 10-year, fixed-rate Freddie Mac loan refinances the original $251,000,000 construction credit facility provided by Bank of China in 2015. The Greystone Capital Advisors debt advisory team, led by Drew Fletcher, President, with support from Matthew Klauer and Cassandra Connolly, represented BLDG and assisted in obtaining the Freddie Mac financing through Greystone’s Affordable Lending team. Greystone’s Jeff Englund, Scott Wallace and Chris Phillips collaborated with Freddie Mac Production Manager Naureen Versi and managed the loan process for Greystone.

The Summit, located at 222 East 44^th Street, is composed of 441,000 gross square feet and 429 residential rental units. Of the 429 units, 22 units are designated as affordable housing units for tenants whose household incomes are at or below 120% of the New York City Area Median Income (“AMI”), 44 units are designated for tenants earning 60% of AMI, 43 units are designated for tenants earning at or below 40% of AMI, and the remaining 320 units are market-rate. The Summit features amenities such as a fitness complex with basketball and squash courts, indoor pool, sauna, theater, game lounge, and outdoor entertainment deck. In addition, the Summit’s penthouse sky lounge offers expansive views of the East River and the Manhattan skyline, multiple outdoor terraces, and several individually curated indoor spaces for private events.

"I am extremely proud of our continued efforts to support affordable housing in New York City and I thank all those involved for their dedication to increasing the amount of affordable rental units in an area that critically needs it,” said Steve Johnson, Vice President for Targeted Affordable Housing at Freddie Mac.

“This was a large, complex transaction that in the current environment required careful coordination among Freddie Mac, the New York State Housing Finance Agency, Greystone, and BLDG,” added Naureen Versi, the Production Manager who worked on the transaction.

“BLDG is excited to expand its relationship with Greystone and Freddie Mac through this landmark financing,” said Lloyd Goldman, Founder and President of BLDG. “Despite the current headwinds facing the New York City multifamily market, Greystone and Freddie Mac delivered a market-leading execution and worked tirelessly with us to close this loan in the midst of a global pandemic.”

“We have enjoyed a long-standing relationship with BLDG and are thrilled to have worked on both the original construction financing and now the permanent financing for the Summit,” said Drew Fletcher. “This financing is a testament to their long-term vision and focus on developing distinctive properties that create enduring value and enhance the neighborhoods in which they are located.”

Jeff Englund, Senior Managing Director and head of Greystone’s Affordable Lending group, added, “Affordable housing remains critically important to New York and nationwide, and Greystone continues to demonstrate its commitment to finance transactions that create or preserve this valuable housing for the long-term.”

Greystone, a leading national commercial real estate finance company, has provided a $9,350,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a multifamily property in Oak Creek, Wisconsin. The transaction was originated by Clint Darby, managing director at Greystone. 

The $9.35 million Fannie Mae loan has a fixed rate and 10-year term with a 30-year amortization. The non-recourse loan refinances Country Oaks Apartments, a 300-unit community located within the Milwaukee metro area. The property includes amenities such as a swimming pool and stackable washer/dryer in each unit.

“It’s been a pleasure working with this team as they grow their portfolio,” said Mr. Darby. “We are thrilled when clients choose to return to Greystone time and again, and we can work to find new financing terms to help our clients.”

“Greystone’s commitment and knowledge are why we continue to come back to Clint and his team,” said Mr. Deshur, principal borrower. “Greystone has been our trusted advisor as we have grown our portfolio, and we look forward to future projects together.”

 Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $24 million HUD-insured loan to refinance a 224-unit multifamily property in Azle, Texas. The transaction was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Partin Development Group. 

The $24,126,900 HUD-insured Section 223(a)(7) financing carries a 40-year term and amortization, along with a low, fixed rate. The property complies with HUD’s Energy Star requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium (MIP) reduction.

Constructed in 2018, Reata West Apartments features 10 three-story garden-style apartment buildings and 224 one-, two- and three-bedroom units with modern amenities and finishes, full-size in-unit laundry, and private outdoor living space. Residents also enjoy access to the community’s clubhouse and business center; pool, fitness center and outdoor recreational facilities; and dog park, on-site parking and garages. Located in Tarrant and Parker Counties, the property is close to Azle’s schools, shopping and the area’s recreational and parks offerings, including Eagle Mountain Lake and the Fort Worth Nature Center and Refuge.

“My team is known for being a standout when it comes to HUD lending, not only because we know the market and the lending process but also because we consistently surpass our clients’ expectations,” said Mr. Rosenstock. “Clients trust Greystone to deliver the right financing in every market cycle – the combination of our deep HUD platform and our seamless execution results in a service experience that keeps them coming back.”

“With so much uncertainty in the market today, we knew the experts at Greystone were the only team for the job -- they have a level of professionalism and product knowledge that is well-known in this industry,” said Mr. Jeff Partin, principal, Partin Development Group. “This refinancing enables us to continue to manage this property to our high standards and enhance the quality of life for the residents who make Reata West Apartments their home.”

Greystone, a leading national commercial real estate finance company, has provided a $35,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 515-unit multifamily community in Colton, California. The transaction was originated by Ana Ramos, managing director in Greystone’s Los Angeles office with Dan LuVisi of Marketplace Capital acting as correspondent.

The Fannie Mae loan carries a 15-year term and 30-year amortization at low leverage (below 50% LTV) and a low, fixed interest rate (below 3%) resulting in approximately $10 million in cash-out proceeds. 

Located at 2069 West San Bernardino Avenue in San Bernardino County, Westcourt Apartments comprises 137 one-bedroom/one-bath units and 378 two-bedroom/two-bath units. On-site amenities at the property include an onsite office/clubhouse; fitness center; three swimming pools; two hot tubs; playground; tennis court; laundry facilities; storage rooms; and controlled access.

“While there are many challenges for property investors as a result of the pandemic, there are also new opportunities due to sustained, low interest rates, and the potential for cash-out,” said Ms. Ramos. “Fannie Mae financing is an excellent choice for long-term, low-rate commercial mortgages for sponsors that have a proven track record. Greystone is expeditious and passionate about finding the best fit for our clients during the challenges California is facing environmentally, economically, and under the veil of COVID-19.”