Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided $116,439,707 in mission-driven Freddie Mac loans to refinance three separate portfolios consisting of 34 total workforce housing properties in Los Angeles, California. The transactions were originated by Dale Holzer, managing director in Greystone’s Newport Beach office.

The first financing, $45,228,000 of five-year hybrid loans, refinances 301 residential units across seven properties in Los Angeles’ Koreatown neighborhood. The second financing package includes $43,111,707 in total loans to refinance 16 multifamily properties comprising 193 residential units in Los Angeles’ Westside region. Marc Schillinger of JLL served as advisor to the borrowers for both transactions.

The third recent financing originated by Mr. Holzer includes $28,100,000 in total loans with a 10-year term, for a portfolio of 11 multifamily properties with 302 units in the Baldwin Village neighborhood of Los Angeles. Jonathan Lee of George Smith Partners served as advisor to the borrower in the transaction.

“We’re thrilled to help our clients secure more favorable financing terms and also monetize the existing equity in their portfolio, which is what happened with all of these transactions,” said Mr. Holzer. “Our team loves being able to show how our flexibility and deep understanding of the local market can enable even the most complicated portfolio transactions to be executed seamlessly and without delay.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $76,700,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 531-unit multifamily property in Huntingdon Valley, Pennsylvania. The transaction was originated by Dan Sacks in Greystone’s New York office, on behalf of Lindy Properties, with David Fisher of Meridian Capital Group as correspondent.

The $76.7 million Fannie Mae loan carries a 10-year term with interest-only payments. For the transaction, Greystone leveraged Fannie Mae’s Green Rewards program, as the borrower is committed to making energy and water usage improvements, along with other upgrades, to the property.

Originally built in 1968, Meadowbrook Apartments is a garden style multifamily apartment community consisting of 531 studio, one-, two-, three-bedroom units with modern finishes and in-unit laundry. Located in Montgomery County’s outstanding Abington School District, the property is located near the area’s major employers, universities, shopping, entertainment, parks and recreation.

“With every transaction we do, we strive to exceed our clients’ expectations,” said Mr. Sacks. “We’re thrilled that we were able to do that once again for our client, seamlessly and expeditiously.”

“Our Greystone team always works tirelessly to ensure that we get the most out of the current market environment and secure the best financing for our needs,” said Alan Lindy, principal of Lindy Properties. “We can’t say enough about Dan and his team’s professionalism, creativity and willingness to go above and beyond for us – their care for our business is why we keep coming back to them.”

Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced it has provided a $65,000,000 Freddie Mac loan to an affiliate of The Lions Group to refinance One LIC, a brand new 20-story, 110-unit (70% market-rate / 30% moderate income) multifamily rental apartment located at 42-10 27^th Street in Long Island City, NY.  The new 16-year fixed-rate permanent financing through Freddie Mac’s “Lease-Up” program refinanced a Bank Leumi construction loan.  Notably, this was one of the last “pre-stabilized” permanent loans to receive Freddie Mac credit approval since the program was suspended due to the COVID-19 pandemic. Drew Fletcher, Bryan Grover and Matthew Klauer of Greystone Capital Advisors originated the financing.

One LIC is a 110-unit, Class-A apartment building completed in 2019.  The project also includes three retail spaces (Starbucks, CityMD, and Yoyoso), on-site parking and 4 floors of amenity space comprising a fitness center, children’s playroom, rooftop terrace, and lounge. One LIC is adjacent to the Queensboro subway station, serviced by the 7, E, M, and G subway lines, which provide access to Grand Central and Bryant Park in 10-15 minutes and Hudson Yards in 20 minutes.

"Closing a loan in New York City during COVID-19 posed several unique challenges ranging from the traditional property inspection and title search to the temporary closure of the retail tenants and inability to show apartments.  Despite these challenges, however, we were still able to deliver a tremendous execution for our client," said Drew Fletcher, President of Greystone Capital Advisors.

“We are thrilled to have closed on this deal. The circumstances of the world changed dramatically throughout the process, but Greystone remained diligent and never wavered. Looking forward to more business in the future,” said Aaron Shirian.

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $33.2 million HUD-insured construction loan for the development of Litchford 315, a new 240-unit multifamily community in Raleigh, North Carolina. The transaction was originated by Managing Director Eric Rosenstock and Vice President Jason Stein in Greystone’s New York office on behalf of Dewitt Carolinas.

The loan provides 85% loan-to-project costs, and carries a low, fixed interest rate during the construction period, followed by a 40-year term with straight amortization. HUD’s 221(d)(4) loan product enables construction or substantial rehabilitation of multifamily projects with long-term, fixed, and low-rate financing. The property will be built to comply with HUD’s ENERGY STAR requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium (MIP) reduction.

Litchford 315 will offer residents spacious floor plans and Class A finishes with community amenities, including a resort-style pool and clubhouse. The property is conveniently located near an abundance of retail options and easy access to Interstate 540.The project is expected to be completed in Q2 2021. The addition of Litchford 315 will bring distinctive, inspired living to North Raleigh.

“In today’s evolving financing environment, driven from uncertainty due to the novel Coronavirus, many banks, balance sheet lenders, and construction lenders are not quoting deals during the pandemic. Yet HUD is lending at a record pace and we are thrilled to be a steady and reliable lender for HUD-insured mortgages,” said Mr. Rosenstock. “As a leading HUD lender for multifamily mortgages, we pride ourselves on both product and market knowledge for quality sponsors nationwide, and we value those sponsors such as Dewitt put their trust in us for certainty of execution.” 

“We are thankful for Eric Rosenstock and Jason Stein’s guidance on securing HUD-insured financing for our Litchford 315 project and serving as a steady hand throughout the entire process,” said Todd Saieed, CEO of Dewitt Carolinas. “With this long-term, fixed, low rate loan, we can plan for the long-term success of this property and the value it will provide to residents for many years to come.” 

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $26,558,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 297-unit multifamily property in Delaware. The transaction was originated by Dan Sacks in Greystone’s New York office.

The $26.6 million Fannie Mae loan carries a 10-year term with a 30-year amortization, with the first three years of interest-only payments.

Located in New Castle County, Liberty Square is a garden style, multifamily apartment community spanning 13.8 acres. The property includes amenities for residents, such as a swimming pool, playhouse, playground, tennis court, and laundry facilities in each building.

“After having worked with our clients on a number of properties in Pennsylvania, we are thrilled to help expand their portfolio into Delaware,” said Mr. Sacks. “It is extremely gratifying when clients come back to us showing they believe in our ability to meet their capital needs.”

“We value our longstanding relationship with Greystone, and we are thrilled at the outcome of this refinancing, which enables us to continue expansion in the multifamily sector,” said Shmuel Tress.

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided $25.2 million in construction financing under the HUD 221(d)(4) program for the development of Sugar Mill Villas Apartments, a new 164-unit multifamily apartment community located at 1931 Chemin Metairie Parkway in Youngsville, LA.

The $25,248,200 loan will fund 85% of total project costs and is structured as a non-recourse, fixed-rate construction loan that automatically converts to a 40-year, fully-amortizing permanent loan upon stabilization. With this green-certified and energy efficient project, the borrower also qualifies for reduced Mortgage Insurance Premium (MIP).

Located within the master-planned Sugar Mill Pond neighborhood with convenient access to Lafayette, Sugar Mill Villas Apartments will offer easy access to the area’s shopping, restaurants, retailers and sought-after schools.  Sugar Mill Pond hosts year-round activities, which include festivals, live music, and other family-oriented events. The community is located within walking distance of the Youngsville Sports Complex, the region’s $20 million 70-acre recreational center. Youngsville was recently ranked the top city to reside in Louisiana by 24/7 Wall St., as covered by USA Today.

“The Greystone team is comprised of exceptional professionals who understand our vision and gets us the right financing quickly,” said client Robert Peek, who has nearly three decades of commercial and multifamily real estate experience. “We look forward to continuing our long-term relationship with Greystone as we continue to grow our portfolio.”