Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced the closing of a $178,000,000 permanent loan made to a joint-venture between affiliates of Rose Associates and Benenson Capital Partners to refinance Hoyt & Horn, a brand new 26-story, 368-unit “80/20” mixed-income multifamily rental apartment located at 210 Livingston Street in Downtown Brooklyn. The 15-year fixed-rate loan was originated by Wells Fargo Multifamily Capital and structured as a direct purchase of tax-exempt and taxable bonds issued through the New York State Housing Finance Agency’s (“HFA”) “80/20” Housing Program (“HFA”) with secondary market credit enhancement. The new permanent loan replaces the original $158 million construction facility provided by J.P. Morgan and Suntrust Bank.

Hoyt & Horn was built in 2018. It features beautifully appointed modern designs with oversized windows and an extensive amenity package that includes a 24-hour attended lobby, bicycle storage, outdoor decks, a state-of-the-art fitness center, golf simulator, game room, and parking. Hoyt & Horn’s Downtown Brooklyn location has superb transportation accessibility, and it is near world-class entertainment centers, top-notch dining, and a variety of retail. The Brooklyn Academy of Music (“BAM”), City Point, Whole Foods, Apple, Atlantic Terminal and the Barclays Center are all within a short walking distance from the property.

Starbucks recently signed a 10-year lease for 2,050 square feet on the ground floor of the property with an expected open date in late 2019. The Sponsors are currently marketing additional Class A retail space, including 7,500 square feet along Livingston Street and 3,600 square feet on Schermerhorn Street.

Greystone Capital Advisors, led by President Drew Fletcher, served as exclusive advisor on the transaction, with support from Managing Director Matthew Klauer and Associate Bryan Grover. “Rose Associates and Benenson are two of the most highly respected and successful real estate owners and developers in New York City and we are thrilled to have represented both firms on this transaction,” said Mr. Fletcher. “The combination of elite sponsorship, market leading design and amenities and a triple-A location in the heart of downtown Brooklyn allowed us to drive intense competition and deliver a great execution for our clients.”   

Richard Kessler, chief operating officer of Benenson Capital Partners, joined Marc Ehrlich, chief investment officer of Rose Associates, and Michele Bengelsdorf, a director at Rose Associates, collectively shared, “The Greystone team worked tirelessly and creatively to structure a loan facility that allowed us to achieve our goals without sacrificing leverage or pricing. We are impressed that they were able to accomplish this at a time when major changes to rental laws were being legislated in Albany.”

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided an $8,961,000 Fannie Mae loan to refinance a 113-unit property in Georgetown, TX. The transaction was originated by DJ Elefant in Greystone’s New York office on behalf of The Rail at Georgetown LLC with Jason Bartlein of Bolder Capital acting as correspondent. Dan Gillard and the team in Greystone’s Philadelphia office supported Mr. Elefant in closing the transaction.

The Fannie Mae loan carries a 10-year term with 3 years of Interest-only payments. The property, The Rail at Georgetown, is estimated to see a reduction in utility usage by 30 percent through the Green Rewards program.

The market rate community is comprised of one- and two-bedroom rental units and features on-site laundry, a playground, a pet play area, and parking. Originally acquired in 2017, the current owners have invested over $1 million in capital improvements to both the interiors and exterior of the property.

“The borrower executed on their initial game plan after acquisition and now our loan will provide them with long term stability going forward,” said Mr. Elefant. “This property’s vintage made it a perfect candidate for Green Rewards financing from Fannie Mae.”

“We thank Greystone for their guidance through the financing process, and their expertise in the many options for multifamily investors as they look to increase and optimize their real estate portfolios,” said Melissa Jones, a principal of The Rail at Georgetown LLC.

Greystone, a leading commercial real estate lending, investment, and advisory company, announced that Matt Miller has joined as a Managing Director on its Seniors Housing finance team. Based in Dallas, TX, Mr. Miller brings deep banking industry experience and client relationships in the Seniors Housing space serving independent living, Alzheimer’s care and assisted living communities.

Prior to joining Greystone, Mr. Miller was an Executive Vice President with Texas Capital Bank (TCB), where he spent the last eight years working with national and regional real estate owners and developers. While at TCB, Matt was instrumental in formalizing and growing the bank’s Seniors Housing lending initiative and contributing to an increase in the bank’s assets from $10 billion to over $25 billion. 

Previously, Mr. Miller was a Vice President at BBVA Compass and an Assistant Vice President at Guaranty Bank. Mr. Miller attended the Southern Methodist University – Cox School of Business.

“Matt’s strengths and relationships in the Seniors Housing sector, which includes some of the largest owners, operators, and developers in the industry, will be invaluable to Greystone as we continue to expand our lending capabilities and reach,” said Cary Tremper, Managing Director, Greystone Seniors Housing finance team, and to whom Mr. Miller reports. “We welcome Matt to the team as we seek to meet the capital needs of a growing roster of clients.”

Greystone, a leading commercial real estate lending, investment, and advisory company, announced that Matt Miller has joined as a Managing Director on its Seniors Housing finance team. Based in Dallas, TX, Mr. Miller brings deep banking industry experience and client relationships in the Seniors Housing space serving independent living, Alzheimer’s care and assisted living communities.

Prior to joining Greystone, Mr. Miller was an Executive Vice President with Texas Capital Bank (TCB), where he spent the last eight years working with national and regional real estate owners and developers. While at TCB, Matt was instrumental in formalizing and growing the bank’s Seniors Housing lending initiative and contributing to an increase in the bank’s assets from $10 billion to over $25 billion. 

Previously, Mr. Miller was a Vice President at BBVA Compass and an Assistant Vice President at Guaranty Bank. Mr. Miller attended the Southern Methodist University – Cox School of Business.

“Matt’s strengths and relationships in the Seniors Housing sector, which includes some of the largest owners, operators, and developers in the industry, will be invaluable to Greystone as we continue to expand our lending capabilities and reach,” said Cary Tremper, Managing Director, Greystone Seniors Housing finance team, and to whom Mr. Miller reports. “We welcome Matt to the team as we seek to meet the capital needs of a growing roster of clients.”

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $39,715,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 342-unit multifamily property in Houston, Texas. The transaction was originated by Jason Stein, an originator in Greystone’s New York City office, on behalf of Alara Ventures.  

The $39.7 million Fannie Mae Green Rewards loan carries a 10-year term at a low, fixed rate, with full term interest-only payments. The proceeds enable the borrower to continue with ongoing renovations and capital improvements and monetize existing equity in the property.

Originally constructed in 1993, Greenbriar Park Apartments offers 342 one- and two-bedroom units with in-unit amenities such as laundry and private balconies. Residents also enjoy metrorail access, carport parking, two swimming pools, clubhouse, fitness center and spa facilities, and a business center, as well as picnic and pet play areas. The community is located in Inner Loop Houston, south of Rice University in the medical district, with easy access to major employers, shopping, dining and entertainment.

“Despite being a fairly new property, there were still energy efficiencies that could be realized with some improvements by the owners,” said Mr. Stein. “Fannie Mae’s Green Rewards financing is a win-win for both the borrower, who receives attractive loan terms and lower operational costs, and the residents, who will see lower utility costs over time.”

“After investing in this property with capital improvements and energy efficiency measures, we are thrilled to qualify for Fannie Mae’s Green Rewards program,” said Alison Dimick Malkhassian, founder of Alara Ventures, which purchased the property in 2015. “Greystone’s product knowledge and attentive customer service make the financing process go quite smoothly, and we appreciate their guidance and expertise.”

Editorial Team Sought the Best of the Best Across the Commercial Real Estate Spectrum  

Greystone, a leading commercial real estate lending, investment, and advisory company, announced that Tanya Eastwood, president of Greystone Affordable Development, has been recognized by GlobeSt.com and Real Estate Forum as one of the 2019 Top Women of Influence for the Finance Executive of the Year category.

“This recognition is a tremendous testament to Tanya’s deep passion for, and commitment to, finding innovative ways to make affordable housing accessible in both rural and urban areas,” said Stephen Rosenberg, founder and CEO of Greystone. “We are thrilled to see others recognize Tanya’s great work: She is an inspiration to anyone who has had the privilege of working with her and exemplifies how each of us can do our part to help those who need it most.”

“I am honored to receive this recognition and count myself very fortunate to be included with all of the honorees,” said Tanya Eastwood. “I remain committed to serving those needing affordable housing, to seeking new ways to revitalize properties and advancing this very important issue.”

Tanya is one of today’s most vocal and innovative leaders in the preservation of affordable housing in the U.S. She recently testified before the House Financial Services Committee’s Subcommittee on Housing, Community Development and Insurance on this issue during the April 2, 2019, hearing on “The Affordable Housing Crisis in Rural America: Assessing the Federal Response.” She assists non-profit and for-profit owners and developers in meeting the complex challenges associated with the recapitalization, rehabilitation, creation, and preservation of affordable housing across the United States.  Tanya leads her team in sourcing creative solutions to complex transactions involving HUD, USDA, Fannie Mae, Freddie Mac, and other state and federal agencies.

Active in several industry organizations, Tanya is past president and current chairman of the board for the Council for Affordable and Rural Housing (CARH), and is the chairperson of Fannie Mae’s Rural Advisory Council. She was also named one of the most influential women in affordable housing by Affordable Housing Finance in March 2019.

About the 2019 Women of Influence Awards

According to GlobeSt. and Real Estate Forum, this year was a record year for nomination entries. The field of finance was open to professionals who work primarily on the capital side of the commercial real estate spectrum. The publication was seeking professionals who have been able to navigate the current financial climate while ensuring a healthy risk/return scenario for their firms.

The editorial team’s methodology included: the nominee’s impact on, and reputation within, her firm and broader professional community; the nominee’s professional career highlights, from deal-making savvy and innovation to client satisfaction and personal growth; a proven ability to achieve goals and display ingenuity in terms of creative thinking and problem solving; her dedication to furthering the development of her field and the role of women within it; accomplishments and involvement in her company, the CRE industry and broader social community; a personal commitment to the highest ethical standards, service and excellence; and so much more.

The winners will be honored during a special awards ceremony taking place at the first-ever GlobeSt. Elite Women of Influence event, which is being held on July 10 and 11, in Broomfield, CO. 

More information about Tanya and the 2019 Women of Influence by GlobeSt.com and Real Estate Forum can be found here.

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