Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $34 million FHA-insured loan to refinance a 252-unit multifamily property in Land O’Lakes, Florida. The transaction was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Collier Commons Apartments.  

The $34,000,000 HUD-insured Section 223(f) financing carries a 35-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. The refinancing enables the borrower to continue with the property’s ongoing maintenance and monetize their existing equity.

Constructed in 2004, The Lakes at Collier Commons features 10 garden-style apartment buildings and 252 one-, two and three-bedroom units with modern amenities and finishes, full-size in-unit laundry, and screened-in balconies and patios. Residents also enjoy access to the community’s clubhouse and business center, pool, fitness center, recreational facilities, car wash center and on-site parking. Located in Florida’s Tampa Bay region, the property is close to the area’s shopping, entertainment and retail centers and offers easy access to Interstates 275, 75, and 4.

“The reputation that my team and I have built as part of Greystone’s top producing HUD platform is something that gives our clients the comfort of certainty of execution, not only during today’s uncertain financing environment, but through all market cycles,” said Mr. Rosenstock. “Greystone has the depth of product and market knowledge as a leader in this industry, and we are happy to add this deal to our $60 billion servicing portfolio.”

“Our Greystone team shepherded this transaction to closing with a level of confidence and expertise that continues to make them our #1 choice,” said Mr. Richard Trzcinski, principal, Collier Commons Apartments. “This long-term, low rate financing enables us to continue to enhance this property for our residents.”

Greystone, a leading national commercial real estate lending, investment and advisory company, has provided $43,880,000 in total HUD-insured financing for a trio of affiliated skilled nursing facilities in Upstate New York. The separate transactions were originated by Fred Levine of Greystone on behalf of Centers for Care.

The three facilities included in the financing package, which total 323 beds, include Ontario Center for Nursing and Rehabilitation in Canandaigua, NY; Steuben Center for Nursing and Rehabilitation in Bath, NY; and Corning Center for Nursing and Rehabilitation in Corning, NY. The $43.9 million in HUD-insured 232(f) financings carry extremely low interest rates with very long loan terms and amortization.

“Securing permanent financing with an FHA loan enables an owner to ensure long-term, low-rate financing for decades, so they can focus on the service they provide to their communities,” said Mr. Levine.

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided $91,279,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans to refinance a 1,406-unit multifamily portfolio in Tucson, AZ. The separate transactions were originated by Dan Wolins, managing director at Greystone, on behalf of HSL Properties.

The $91.3 million in Fannie Mae financings all carry 10-year terms at a fixed rate with a 30-year amortization, and five years of interest-only payments. The non-recourse loans refinance four separate properties in Tucson: the 242-unit Canyon Creek; 256-unit Ridgepoint; 336-unit Catalina Canyon; and 572-unit Sycamore Creek.

“The new lending landscape has certainly introduced some challenges for multifamily property investors, but we have helped them to adapt and thrive with the capital options that are available,” said Mr. Wolins. “Greystone works diligently to be hyper-informed on local markets, changes in loan terms and rates, and to be able to provide a broad array of capital solutions when needed. We are very happy to team up with HSL again on these properties, which are long-held assets in their portfolio. They are a premier owner / operator in Tucson with unparalleled market knowledge.”

“We trust our Greystone team to deliver above our expectations and are thrilled to have been able to close this financing during a pandemic, especially with credit markets being more challenged than ever,” said Omar Mireles, president, HSL Properties.

Greystone, a leading national commercial real estate lending, investment, and advisory firm, announced Pamela van Os has joined as a Senior Vice President and Head of West Coast Agency Loan Production. Based in Los Angeles, Ms. van Os reports to Chip Hudson, co-CEO of Agency Lending.

Prior to joining Greystone, Ms. Van Os was a Chief Underwriter at Newmark Knight Frank, where she spent the last 17 years in credit and underwriting as part of Berkeley Point Capital (prior to its 2018 integration with NKF). With a long career in underwriting and supporting the success of large Fannie Mae and Freddie Mac transactions, Ms. van Os is poised to further bolster Greystone’s growing loan origination operations across California, Oregon, Washington and Colorado.

“We are excited by Pamela joining the team. Her experience and reputation in the industry will strengthen our lending leadership team and help to increase Greystone’s market share,” said Mr. Hudson. “Pamela’s technical expertise and dedication to meeting the needs of our customers will continue to differentiate Greystone’s execution in the market. Pamela is creative, intelligent, and a great cultural fit for our firm. We are thankful to have her on the team.” 

In 2019, Greystone ranked as a top lender for Fannie Mae, Freddie Mac, and FHA multifamily loans, originating over $13 billion total in commercial mortgages.

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $33,020,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 90-unit multifamily property in Sausalito, California. The transaction was originated by Tim Thompson in Greystone’s San Francisco office on behalf of Sausalito Investments.  

The $33 million Fannie Mae loan, which refinances two existing Greystone loans on the property, carries a 10-year term and 30-year amortization, with seven years of interest only payments. The refinancing at 61% loan-to-value enables the borrower to continue with ongoing maintenance and renovation, and monetize their existing equity.

Originally built in 1962, Sausalito Towers is a garden-style apartment community featuring 90 one-, two- and three-bedroom units with sweeping views of San Francisco Bay, along with covered balconies, wood burning fireplaces, and in-unit washer-dryers. Residents also enjoy access to a heated community pool, on-site parking and private storage. Located in the hills above Sausalito Village near the Highway 101 South freeway entrance, the property offers easy access into the heart of San Francisco via the Golden Gate Bridge or the Sausalito ferry.

“It’s a thrill to work alongside clients who are passionate about their portfolio properties - their enthusiasm is infectious and is why we come to work each day,” said Mr. Thompson. “And our incredible lending platform, coupled with our seamless and industry-leading execution, is what brings our clients back to us time and again. There is no greater thank you.”

“Through the years, the Greystone team has delivered financing terms beyond my expectations, and this transaction was no different,” said Mr. Daniel J. Keig, principal of Sausalito Investments. “What was truly incredible this time around was the speed and fluidity of the entire process while a pandemic was growing across our state and our country. Their professionalism, attention to detail and diligence in getting this deal done was exceptional.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $29.9 million Freddie Mac loan to acquire a 280-unit multifamily property in Noblesville, Indiana. The transaction was originated by Dan Sacks in Greystone’s New York office, on behalf of Lightstone.

The $29.9 million Freddie Mac loan carries a 10-year term with a 30-year amortization, with the first three years of interest-only payments.  The loan proceeds will be used to complete ongoing renovations to the property.

Built in 2009, Autumn Breeze Apartments is a garden-style community consisting of 1-, 2- and 3-bedroom units with high-end finishes, fireplaces and private patios and balconies. Residents of the pet-friendly community enjoy access to amenities such as a pool and fitness center, outdoor recreational facilities, billiards room, conference room and business center. The property is minutes from historic downtown Noblesville, near the Ruoff Home Mortgage Music Center and Hamilton Town Center, as well as area parks, recreation and entertainment.

“We are pleased that we were able to help our client secure the right financing terms and continue building out their portfolio with this acquisition,” said Mr. Sacks. “Our extensive lending platform means we can be creative and come up with solutions that others can’t, and we’ll always go the extra mile to help clients realize their dreams.”

“We couldn’t be happier with the efforts of our Greystone team,” said Mr. David Lichtenstein, principal of Lightstone. “At a time when so much is uncertain, we knew we could rely on our team to get this transaction done in a way that seemed effortless. We look forward to working with them again in the future.”