Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has added Paul Smyth, Cary Williams, and Paul Jankovsky as Managing Directors and Robert Farrington as a Director to its CMBS platform. Based in Irving, Texas, the team brings to Greystone extensive expertise in CMBS B-Piece acquisitions as well as Special Servicing.

While originating debt for clients across all of Greystone’s lending platforms, Mr. Smyth and his team will also pursue B-Piece investment and special servicing opportunities. These additional capabilities enable more certainty of loan execution and full continuity throughout the lifecycle of a CMBS loan, from origination to payoff.

Mr. Smyth, a 32-year CMBS industry veteran, previously managed several of the nation’s largest Special Servicing and related B-Piece groups, having served as President of C-III Asset Management in Irving, Texas, and as Global Chief Credit Officer of Credit Suisse’s CRE Origination Unit in New York City. 

Mr. Williams spent 25 years of his career at Merrill Lynch, along with more recent positions at RBC and Credit Suisse. Mr. Jankovsky has held senior origination and management positions at the Dallas offices of Merrill Lynch, Goldman Sachs and JP Morgan Chase. Rounding out the team, Mr. Farrington brings nearly 20 years of previous experience at ORIX Capital Markets.

Greystone’s CMBS platform provides fixed-rate commercial mortgages and complementary mezzanine financing across a variety of asset classes, including multifamily, office, retail, industrial, self-storage, and hospitality. Messrs. Smyth, Williams, Jankovsky, and Farrington will report to New York-based Rob Russell, head of CMBS production at Greystone. 

“Our primary goal is to meet our clients’ capital needs, and that includes adding areas of expertise that help to further differentiate our debt offerings,” said Mr. Russell. “Paul and his team bring a highly specialized focus in the B-Piece market and Special Servicing, which are areas that would complement our existing CMBS platform, and we look forward to further enhancing the overall lending experience for our clients with this added expertise.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, announced it has provided a $23,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 240-unit multifamily property in Oro Valley, AZ. The transaction was originated by Daniel Wolins of Greystone’s New York office.

The $23 million Fannie Mae loan carries a low, fixed interest rate with a 10-year term and 30-year amortization period, including interest-only payments for the first five years. The borrower, an affiliate of Tucson-based HSL Properties, is a long-time client of Greystone.

Originally built in 1988, the recently renovated La Reserve Villas is comprised of market-rate one- and two-bedroom residences with modern appliances and finishes, in-unit washer/dryers, onsite parking and fireplaces in select units. Residents also enjoy access to the property’s clubhouse and fitness center, barbeque areas, two resort-style pools and a spa. Located in the Tucson metro area’s Oro Valley, the property is close to shopping, hotels, and Catalina State Park.

“When clients turn to Greystone time and again, we know that they are placing a premium on not just our extensive lending platform and capabilities, but also on the industry-leading experience we provide them consistently,” said Mr. Wolins. “HSL places its trust in the Greystone experience, and we aim to raise the bar with every transaction by securing the right financing quickly and seamlessly.”

“With each of the multifamily properties in our portfolio, I’ve been able to count on my long-standing Greystone team to deliver what I needed,” said Mr. Omar Mireles, president of HSL Properties. “I appreciate their creative approach and single-minded focus on securing the right financing every time, no matter how unique the property.”

Greystone Provided $7.2 Million in Freddie Mac Financing for the Transaction

Greystone Brown Real Estate Advisors announced it has closed the $10,300,000 sale of Castlegate Commons, a multifamily property in Bonaire, GA. Greystone Brown advised the seller, Castlegate Property Group, and brought the buyer, Patrician Management, to the deal. The sale was handled by Cory Caroline Sams and Barden Brown, and a $7.2 million loan for the transaction, originated by Keith Hires, was also provided by Greystone.

The acquisition was financed with a 10-year Freddie Mac loan, with three years of interest-only payments. Built in 2001, Castlegate Commons is a 120-unit garden-style apartment community offering one-, two- and three-bedroom floorplans with features such as walk-in closets, in-unit laundry hook ups, fireplaces and vaulted ceilings. Residents also enjoy access to the property’s swimming pool, clubhouse and fitness center, basketball area, dog run and detached garages. Located at 725 GA-96 in Houston County’s rapidly growing Warner Robins metropolitan area, the property is located in a reputable school district with access to major highways, the Robins Air Force Base and the region’s other major employers.

“We are pleased that we were able to help our long-time client find the right buyer for this attractive property, and also able to help the buyer secure desirable financing terms for a seamless and quick-to-close transaction,” said Cory Caroline Sams, Director, Greystone Brown Real Estate Advisors. “Our team excels at matching up prospective buyers and sellers of multifamily properties, and we are especially thrilled when our creativity and industry-leading service experience benefits all parties throughout every stage of a transaction like this.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, announced it has provided $27,000,000 in bridge financing to Iliad Realty Group (IRG) for the acquisition of Villa Nueva Apartments, a multifamily property in Houston, TX. The transaction was originated by Daniel Wolins of Greystone’s New York office. Sal Torre with Estreich & Company brokered the transaction.

Originally constructed in 1980, the garden-style Villa Nueva Apartments community features 542 one- and two-bedroom units across a gated 47-building campus that has full-time security on site. Residents have access to three outdoor pools, common laundry rooms and central mailbox centers. The property offers easy access to all of the Houston metro area’s major thoroughfares.

The $27,000,000 interest-only bridge loan carries a two-year term with two six-month extension options so that the borrower can acquire and rehabilitate the property while Greystone works to secure a low, fixed-rate permanent loan. Planned improvements include extensive exterior renovations to building facades, landscaping and recreational areas, as well as interior structural improvements and fixture upgrades to each of the property’s units.

“Our bridge lending platform gives us the flexibility to put the right financing together for clients with diverse options for permanent financing,” said Mr. Wolins. “We are pleased that IRG was able to close quickly and get started on making capital improvements to the property while we work to secure long-term agency financing with our seamless bridge-to-agency lending process.”

“We were delighted that the Greystone team was able to move us seamlessly and rapidly through the bridge loan process so that we could start realizing our vision for Villa Nueva Apartments,” said Mr. Elliott Aronson of IRG. “Having acquired and renovated thousands of apartment units across Texas over the past decade, we understand what it takes to bring a property back to life. We are thrilled to have a team that is committed to getting us competitive financing terms so that we can get to work doing what we do best.”

Greystone’s Expands Its Bridge Financing Capabilities With $600 Million CLO Offering

Greystone, a leading commercial real estate lending, investment, and advisory company, announced the closing on September 13, 2019, for Greystone CRE Notes 2019-FL2, Ltd., a $600 million CLO backed exclusively by bridge loans on primarily multifamily properties.

Greystone CRE Notes 2019-FL2 is the company’s third CLO. The initial collateral pool for 2019-FL2 consists of 24 loans totaling $492.1 million that Greystone originated, secured by mortgages on 24 properties in nine states. Greystone will invest the remaining $107.9 million of CLO proceeds over the next 180 days into comparable mortgages. The CRE CLO accretively provides financing at a weighted average coupon at issuance of L+1.46%, before transaction costs.

“Our newest CLO expands our ability to meet the financing requirements of our borrowers. This transaction, coupled with our previously issued healthcare CLO, further strengthens our balance sheet as we continue to expand our match-funded non-recourse financing structures,” said Jeffrey Baevsky, Executive Managing Director of Corporate Finance and Capital Market Finance at Greystone. The company has successfully originated high credit-quality collateral with anticipated attractive returns through a well-established bridge lending program and experience working with investors, owners and operators in the multifamily and senior housing space. “This CLO further demonstrates Greystone’s role as a leader in multifamily lending,” Baevsky added.

The three-year actively managed CLO offers seven classes of notes, including a senior structure consisting of $336.75 million Class A tranche, with a AAA rating from Moody’s and Kroll Bond Rating Agency. Greystone will transfer most of the collateral from its 2017 CRE CLO into the new Greystone 2019-FL2 and its 2017-FL1 deal is expected to be fully redeemed.

All of the loans were originated by Greystone, which offers a bridge loan product as part of its lending program. Greystone has originated $4.7 billion in bridge loans since its program launched in 2004, and today, bridge loans make up approximately 5% percent of Greystone’s $35 billion loan servicing portfolio.

Greystone’s extensive participation in the broader multifamily market includes mortgage and mezzanine lending, management and ownership/operational advisory activities. The company is a top 25 U.S. commercial mortgage lender specializing in FHA, Fannie Mae, Freddie Mac, CMBS and short-term balance sheet lending. In 2018, Greystone originated over $1 billion in bridge financing, representing approximately 10% of Greystone’s $10.3 billion of annual loan origination volume.

Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and UBS Securities LLC acted as placement agents of Greystone CRE Notes 2019-FL2, Ltd. with U.S. Bank National Association serving as Trustee.  

Greystone’s Expands Its Bridge Financing Capabilities With $600 Million CLO Offering

Greystone, a leading commercial real estate lending, investment, and advisory company, announced the closing on September 13, 2019, for Greystone CRE Notes 2019-FL2, Ltd., a $600 million CLO backed exclusively by bridge loans on primarily multifamily properties.

Greystone CRE Notes 2019-FL2 is the company’s third CLO. The initial collateral pool for 2019-FL2 consists of 24 loans totaling $492.1 million that Greystone originated, secured by mortgages on 24 properties in nine states. Greystone will invest the remaining $107.9 million of CLO proceeds over the next 180 days into comparable mortgages. The CRE CLO accretively provides financing at a weighted average coupon at issuance of L+1.46%, before transaction costs.

“Our newest CLO expands our ability to meet the financing requirements of our borrowers. This transaction, coupled with our previously issued healthcare CLO, further strengthens our balance sheet as we continue to expand our match-funded non-recourse financing structures,” said Jeffrey Baevsky, Executive Managing Director of Corporate Finance and Capital Market Finance at Greystone. The company has successfully originated high credit-quality collateral with anticipated attractive returns through a well-established bridge lending program and experience working with investors, owners and operators in the multifamily and senior housing space. “This CLO further demonstrates Greystone’s role as a leader in multifamily lending,” Baevsky added.

The three-year actively managed CLO offers seven classes of notes, including a senior structure consisting of $336.75 million Class A tranche, with a AAA rating from Moody’s and Kroll Bond Rating Agency. Greystone will transfer most of the collateral from its 2017 CRE CLO into the new Greystone 2019-FL2 and its 2017-FL1 deal is expected to be fully redeemed.

All of the loans were originated by Greystone, which offers a bridge loan product as part of its lending program. Greystone has originated $4.7 billion in bridge loans since its program launched in 2004, and today, bridge loans make up approximately 5% percent of Greystone’s $35 billion loan servicing portfolio.

Greystone’s extensive participation in the broader multifamily market includes mortgage and mezzanine lending, management and ownership/operational advisory activities. The company is a top 25 U.S. commercial mortgage lender specializing in FHA, Fannie Mae, Freddie Mac, CMBS and short-term balance sheet lending. In 2018, Greystone originated over $1 billion in bridge financing, representing approximately 10% of Greystone’s $10.3 billion of annual loan origination volume.

Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and UBS Securities LLC acted as placement agents of Greystone CRE Notes 2019-FL2, Ltd. with U.S. Bank National Association serving as Trustee.