Trending Multifamily News
Greystone Provides $59.7 Million in Fannie Mae Financing to Acquire Multifamily Property in Washington D.C. Metro Area
Greystone, a leading national commercial real estate finance company, has provided a total of $59,670,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for the acquisition of a 488-unit multifamily property in Oxon Hill, Maryland. The financing was originated by Eric Rosenstock and Dan Sacks, Managing Directors in Greystone’s New York office.
Constructed in 1963, Oaks at Park South in Prince George’s County consists of 26 garden-style buildings with one-, two- and three-bedroom units. The $60 million non-recourse, structured adjustable rate mortgage (SARM) loan carries a 10-year term and 30-year amortization along with 10 years of interest-only payments. The loan also qualifies for Fannie Mae Multifamily Green Rewards financing program, following the completion of energy and water conversion measures.
“There is no greater compliment than when clients return to Greystone for help in managing their multifamily portfolios,” said Mr. Rosenstock. “Our extensive lending platform and our longstanding commitment to multifamily mean we are willing to be creative, tap into deep resources and find solutions where others cannot.”
“We trust the experts at Greystone to address the financing needs of our growing portfolio of properties,” said Mr. Josh Fink of Quantum Equities, a longtime client of Greystone. “They are a true partner that understands our vision and works tirelessly for us on each transaction, handling our properties as if they were their own.”
Greystone affiliate, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (“ATAX”), today announced that Brett Southworth has joined the firm as a Managing Director. Bringing approximately 20 years of experience in tax-exempt bond financing, Mr. Southworth will focus on structuring transactions for clients in the seniors housing and healthcare sectors utilizing municipal bond financing and Greystone’s broad suite of debt solutions.
Mr. Southworth joins ATAX from Wells Fargo, where he served as Managing Director, Public Finance, Healthcare and Senior Living for three years working with clients on capital markets solutions. Prior to joining Wells Fargo, Mr. Southworth spent almost two decades at Bank of America, most recently as a Director in Public Finance Healthcare and Senior Living. During his career he has executed debt financing for U.S. healthcare and senior living borrowers, including rated and non-rated transactions, with an aggregate par amount in excess of $15 billion. His experience includes the origination and execution of both tax-exempt and taxable bond financings, bank placements, bridge loans, subordinated debt, issuer repurchases, derivatives and other financing products.
Mr. Southworth earned a Bachelor’s degree from the University of North Carolina, Chapel Hill, and an MBA from Columbia Business School in New York City.
“Brett’s extensive bond financing expertise and deep relationships across the seniors housing and healthcare sectors will be an asset to the ATAX platform as we continue to expand our investments into financing for new and substantially rehabbed seniors housing and skilled nursing facilities,” said Ken Rogozinski, CEO of ATAX. “It’s exciting for us to expand our lending product offerings from multifamily to the seniors and healthcare space, and we are thrilled to have Brett helping to lead the way.”
Safe Harbor Statement
Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by ATAX with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2021 and its Quarterly Report on Form 10-Q for the period ended June 30, 2022. ATAX disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Greystone Provides $22.6 Million in Fannie Mae DUS® Financing for Multifamily Property in College Station, Texas
Greystone, a leading national commercial real estate finance company, has provided a $22.6 million Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 262-unit multifamily property in Bryan, Texas. The financing was originated by Dan Sacks and Harrison Drucker in Greystone’s New York office, on behalf of a Texas-based developer.
Constructed in 2011, 21 Gramercy Park in Brazos County is a garden-style apartment community consisting of 21 buildings with one-, two- and three-bedroom units. The $22,607,000 non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. In addition to refinancing, loan proceeds enable the borrower to continue with capital improvements and monetize a portion of the equity in the property.
“We’re thrilled that our extensive multifamily expertise, including our nationally recognized Agency lending platform, helps clients find financing solutions that are right for their property’s circumstances,” said Mr. Sacks. “Our goal is to provide clients a superior experience by executing seamlessly on every transaction.”
“It was a pleasure working with this sponsor and delivering a seamless execution in a turbulent market. We were able to secure a full-term interest-only loan and rate lock in under two weeks, which was key to meeting our client’s timeframe,” said Mr. Drucker.
Greystone, a leading national commercial real estate finance company, has provided a $13,928,000 Freddie Mac loan to refinance a 120-unit multifamily property in Newnan, Georgia. The financing was originated by Keith Hires and Carter King in Greystone’s Atlanta office, on behalf of Jefferson Point Apartments, LP.
Constructed in 1990, Jefferson Point Apartments in Coweta County consists of 10 garden-style buildings with one-, two- and three-bedroom units. The $13,928,000 non-recourse, adjustable rate financing carries a 10-year term and 30-year amortization along with four years of interest-only payments. In addition to refinancing an existing Fannie Mae loan, loan proceeds enable the borrower to monetize their equity in the property.
“Our multifamily expertise and our deep lending platform mean that we can find the right financing for our clients, even during challenging market cycles,” said Mr. Hires. “Greystone is known for its willingness to be creative and find solutions where others fall short – we are passionate about helping our clients realize their vision for the multifamily properties in their portfolio.”
“Our Greystone team continues to go above and beyond on every transaction, weighing in with tremendous insights and expertise on every property,” said Mr. Alexis V. Lewis, principal of the borrower and a longtime client of Greystone. “They are our go-to partner for our multifamily portfolio and we look forward to working with them again in the future.”
Greystone, a leading national commercial real estate finance company, has provided a $25,251,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 232-unit multifamily property in Covington, Georgia. The financing was originated by Keith Hires and Carter King in Greystone’s Atlanta office, on behalf of Patrician LS, LLC. J. Mark Madderra of Madderra, Cazalot & Head-Metairie acted as correspondent.
Constructed in 1999, Leaf Stone Apartments in Newton County consists of 11 garden-style buildings with one-, two- and three-bedroom units. The $25.2 million non-recourse, fixed rate financing carries a 10-year term and 30-year amortization along with 10 years of interest-only payments. Loan proceeds are being used to pay off an existing Greystone CMBS loan and enable the borrower to monetize a portion of the equity in the property.
“Clients choose Greystone because they know we will help them secure the right financing for their properties, no matter how complex the transaction,” said Mr. Hires. “We’re thrilled that our clients view us as an extension of their multifamily portfolio management team, and we know that our deep industry expertise and our extensive lending platform are what keep them coming back.”
“Our Greystone team raises the service bar higher and higher on every transaction, which has helped us grow our portfolio,” said Mr. Alexis V. Lewis, principal of the borrower and a longtime client of Greystone. “Greystone not only understands our vision for our properties, but they think creatively and offer us new ideas to help us a achieve our goals – there is no reason to partner with anyone else.”
Michael S. Afentoullis, JD joins Greystone as a Managing Director for Multifamily and Commercial Real Estate Loan Originations in the Midwest
Greystone, a leading national commercial real estate finance company, announced that Michael Afentoullis has joined as a Managing Director in St. Louis, MO. In this role, Mr. Afentoullis will focus on providing capital solutions to multifamily, seniors, self-storage, office, industrial, and retail investors in the Midwest and nationwide. Mr. Afentoullis will also work closely with the Cushman & Wakefield teams in both St. Louis and Kansas City as well as throughout the country.
Mr. Afentoullis brings over 25 years of commercial real estate and multifamily, seniors, self-storage, office, retail, and industrial finance experience to Greystone, with specialized knowledge in Fannie Mae, Freddie Mac, and FHA products as well as bank, life insurance, CMBS, bridge, mezzanine, preferred equity, C-PACE, and historic and low income tax credit financing for both market-rate and affordable housing, as well as expertise in direct funding sources for a variety of CRE assets.
Prior to joining Greystone, Mr. Afentoullis was a Senior Vice President and Managing Director of Capstone Financial (later part of CBRE Debt and Structured Finance) and a Vice President at Northmarq Capital and has placed over $1 billion in debt and equity transactions in his career. In previous roles, Mr. Afentoullis served as a sales broker at Colliers Turley Martin Tucker and as an Asset Manager at Principal Financial Group and Vice President of participations at a small Midwest-based bank.
Mr. Afentoullis holds a Bachelor’s degree from Truman State University, an M.B.A. from St. Louis University’s John Cook School of business, and a J.D. from St. Louis University.
Mr. Afentoullis will work within an agency lending team headed by Vince Mejia, Senior Vice President, Agency production at Greystone. “Michael’s expertise in all aspects of commercial real estate and multifamily financing and deep relationships across the CRE industry will serve as a core asset to Greystone as we strive to serve clients in a range of capital markets needs,” said Mr. Mejia. ‘We are thrilled to have him help build out our capabilities and reach in the Midwest and beyond.”