Greystone, a national commercial real estate lending, investment, and advisory company, announced it has provided a $34,500,000 bridge loan to refinance Lenox Apartments, a 55-unit mixed-use property in Brooklyn, New York. The transaction was originated by Anthony Cristi, Managing Director & Hope Curtis, Originator in Greystone’s New York office, with Steven Vegh of Westwood Realty Associates acting as correspondent on behalf of the owner, Eli Karp.

The $34.5 million in Greystone financing exits previous debt from Madison Realty Capital, enabling time for stabilization of the 9,000 square feet of commercial space on the ground retail floor of the property, which is located at 271 Lenox Road. The bridge loan comprises a 24-month term with two six-month extensions.

Lenox Apartments, situated in Prospect Lefferts Garden directly east of Prospect Park, was completed in 2018. The building’s amenities include 33 covered parking spaces, in-unit laundry, private terraces, open-concept layouts, private elevators opening into each unit, fitness center, roof deck, and bicycle storage. The 16-story property is located near the Q train at Parkside Avenue, the 2 & 5 trains at Winthrop St., and just 30 minutes from Midtown Manhattan.

“We are thrilled to have provided this critical bridge financing to the sponsor of such a high-quality asset in a desirable neighborhood of Brooklyn,” said Mr. Cristi. “With so many facets involved in reaching closing with the cooperation and efforts of so many, we look forward to the next steps of achieving permanent financing with Greystone.”

 New York, NY (November 7, 2019) – Greystone, a leading national commercial real estate lending, investment and advisory company, announced it has provided a $10.8 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the purchase of Brunsfield North Loop, a multifamily property in Minneapolis, Minnesota. The loan was originated by Kyle Jemtrud, on behalf of Phoenix – North Loop, LLC, with Abe Roberts of Marcus & Millichap acting as a correspondent.  

The $10,800,000 Fannie Mae DUS loan carries a 10-year fixed rate loan and 30-year amortization. Brunsfield North Loop is a multifamily property with 47 apartment units and 5,842 sf of ground floor commercial space.

Built in 2013, Brunsfield North Loop is located in Hennepin County, Minnesota. The property provides its tenants with garage and open parking spaces, and offers on-site amenities including a community room, business center, fitness area, leasing office, bike storage, outdoor patio, grilling area, and coffee shop on its ground floor.

“We are thrilled to have worked alongside the borrower,” said Kyle Jemtrud. “Greystone continues to prove itself as a dedicated finance provider, and we feel privileged to contribute to the growth and success of our client’s real estate portfolio.”

About Greystone 

Greystone is a real estate lending, investment, and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greyco.com.   

Greystone, a national commercial real estate lending, investment, and advisory company, announced it has provided a $15,375,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to finance the acquisition of a 184-unit multifamily property in Baton Rouge, LA. The transaction was originated by Keith Hires, Managing Director in Greystone’s Atlanta office, on behalf of Cyprus Multifamily in New Orleans.

The $15.4 million Fannie Mae Green Rewards loan carries a 12-year term with 2 years of interest-only payments. The property, Live Oaks Apartment Homes, is a Class A apartment community built in 2001.  Its current age enables the new owner to implement impactful energy efficiency tactics to reduce water and electricy usage, and receive discounted pricing on the financing.   

Live Oaks provides its residents with a range of upscale finishes and amenities, including crown molding, vaulted ceilings, bay windows, built-in bookshelves, patios/balconies, clubhouse, pool, and fitness center. Located off Jefferson Highway, Live Oaks is minutes from the city's leading employers, including LSU, Lady of the Lake Regional Medical Center, and Turner Industries Group. Live Oaks also provides residents with one of the best locations with close proximity to premier retail centers.

“The buyer saw an opportunity to acquire a high-quality asset and execute energy efficient retrofits to reduce debt service and optimize the value of the asset,” said Mr. Hires. “With Fannie Mae’s Green Rewards product, buyers of properties in the 15-20 year vintage can certainly benefit from making these changes, as well as to the benefit of the residents and the environment overall.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $43,980,000 loan for the acquisition of a 207-unit seniors housing property in Daly City, CA. Cary Tremper originated the financing on behalf of the sponsor, Senior Resource Group (SRG), and its partners.

Located in the San Francisco MSA and constructed between 2008 and 2011, the acquired asset, Peninsula Del Rey (formerly known as Monarch Village), has been managed by SRG since 2012. The property comprises a four-story building over a two-level parking garage with independent living and assisted living units.

“The San Francisco market has seen strong – and growing – demand for seniors housing, and Senior Resource Group has built a reputation for quality sponsorship and management across the sector,” said Cary Tremper, head of Greystone’s seniors housing finance team.

SRG develops, owns and/or manages 32 seniors housing communities in Arizona, California, Florida, Georgia, Oregon, and Washington, comprising 5,852 units.

Greystone, a national commercial real estate lending, investment, and advisory company, announced it has provided a $25,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 257-unit multifamily property, Woodgate Apartments, in Chamblee, GA. The transaction was originated by Keith Hires and Mark Nelson, Managing Directors in Greystone’s Atlanta office.

The $25.5 million Fannie Mae Green Rewards loan, which refinances a Greystone bridge loan, carries a 10-year term and 30-year amortization period at a low, fixed rate. Woodgate Apartments was built in 1963 and renovated between 2015 and 2018, during which time the owner invested nearly $400,000 of the original $17,000,000 bridge financing for capital improvements. As part of the new financing package, the owner plans to continue its commitment to renovating the property. The amenities at Woodgate Apartments include a swimming pool, playground, surface parking, and picnic area with grills.

“With the ongoing renovations the investors have planned for Woodgate Apartments, it’s clear that they have a long-term plan for this asset, and we are thrilled to have executed permanent financing on their behalf,” said Mr. Hires. “Greystone’s bridge lending platform provides the ideal jumping off point for a property owner to improve and stabilize an asset, as well as take advantage of incentives for making the property more energy efficient.”

Greystone, a leading national commercial real estate lending, investment and advisory company, announced it has provided a $33,700,000 Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit age-restricted manufactured housing and mobile home community in Long Beach, California. The transaction was originated by Dale Holzer in Greystone’s Newport Beach, CA office, on behalf of Alamitos Bay Partnership LLC with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

The $33.7 million Freddie Mac loan carries a 15-year term and a 30-year amortization period. The loan will help fund significant capital improvements for the property, including reconfiguration of the common area’s buildings.

Located within the beach community in California, Belmont Shores Mobile Estates offers a beach lifestyle for its residents with a 24-hour manned entrance gate. Residents have access to various amenities including a clubhouse, swimming pool, jacuzzi spa, exercise and laundry facility, billiard room, library, walking path and gathering areas. The property is located a block east of Pacific Coast Highway and is walking distance to shopping and recreation areas.

“It’s been a pleasure collaborating with the borrower to help them achieve their ambitious plan to revitalize this property,” said Mr.Holzer. “The property has been in our client’s portfolio since 1981; securing the financing helps to facilitate the long-term viability of the property and most importantly, ensure a comfortable living space for the residents of Belmont Shores Mobile Estates.”

“Greystone’s expertise with the Freddie Mac lending platform has been an asset to this financing process and we are thrilled to move forward with our capital improvement plan,” said Greg Gill, member and local representative of the borrower. “We thank them for their close collaboration on this transaction and look forward to continue to grow our relationship.”