Mixed-Use Project to Bring 234 New Affordable Housing Units to NYC Market
Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced that it has arranged equity and debt for Douglaston Development’s 931-unit luxury mixed-use residential development at 601 W. 29th Street on Manhattan’s Far Wide Side. Spanning the full block-front on 11th Avenue between 29th and 30th Streets, the Project site is located at the crossroads of two of Manhattan’s most dynamic and rapidly transforming neighborhoods – West Chelsea and Hudson Yards. An affiliate of Ares Management LLC, a U.S.-based publicly traded alternative asset manager, has committed to invest joint-venture equity into the Project, and a syndicate of banks led by HSBC, with co-lenders Bank of China and Landesbank Hessen-Thüringen (“Helaba”), provided a $415 million construction loan. Santander Bank and Raymond James Bank also participated in the loan facility.
Greystone’s Structured Finance Group, led by President Drew Fletcher, was tapped to serve as exclusive advisor on behalf of Douglaston and Ares in arranging the full capital stack for the Project. Paul Fried, Executive Managing Director and Head of Equity Capital Markets for Greystone’s debt and equity advisory platform, led the effort to raise the joint-venture equity, with support from Vice President Matthew Hirsch and Associate Bryan Grover, who also contributed to the debt raise. Ken Lore from Katten Muchin Rosenman LLP and Shapiro & Gellert PLLC served as transaction counsel for the joint-venture.
Designed by FXCollaborative, the vision for the Project brings together distinctive architecture and efficient units with a world-class suite of lifestyle-oriented amenities. The 50,000 square foot amenity package includes an expansive fitness center, multiple outdoor terraces, and a pool. The Project will consist of 931 residential units, 697 market rate units and 234 units reserved for residents earning an average of 60% of Area Median Income (AMI). The Project also includes 186 parking spaces and 15,000 square feet of Class-A retail. Demolition and site work are already underway, and the Project is expected to open in 2023.
“The Douglaston team did an incredible job assembling the site and creating what will undoubtedly become one of New York City’s signature multifamily developments. We are extremely proud to have represented both Douglaston and Ares on this market-leading transaction,” said Mr. Fletcher.
“The combination of elite sponsorship, great basis, and an unparalleled location adjacent to Hudson Yards creates a truly one-of-a-kind opportunity for an institutional investor like Ares,” said Mr. Fried.
Marked by its early entry into the Far West Side in 2010 with its 369-unit residential property, Ohm, Douglaston was one of the first developers to recognize the potential for the area to become a premier residential neighborhood in Manhattan. Over a nearly five-year period, Douglaston painstakingly assembled and rezoned the Ohm’s large, underutilized Project site and structured a 99-year ground lease to create one of New York City’s most exciting residential development opportunities, located directly on the High Line and steps away from Hudson Yards.
Douglaston’s Chairman Jeffrey Levine and President Steven Charno in a joint statement said: “Douglaston is thrilled to kick-off our new partnership with Ares on this ground-breaking development. We are equally proud to deepen our relationship with Greystone. Drew and his team demonstrated incredible commitment working alongside us for nearly four years as we rezoned the site. Their professionalism, market knowledge and credibility with capital providers enabled us to achieve a financing structure that exceeded our expectations and created significant value for the Project.”
Joining from Freddie Mac, Lam Will Oversee Underwriting for More Than $1 Billion in Transactions Per Year
Greystone, a leading commercial real estate lending, investment, and advisory company, announced that Jerry Lam has been named Chief of Credit for its Freddie Mac Small Balance Loans platform. As a Top 3 lender for Freddie Mac SBL transactions, Greystone consistently originates over $1 billion in loans for this category, which includes financing for multifamily properties between 5 and 50 units and loans from $1 million up to $7.5 million.
Mr. Lam joins Greystone from Freddie Mac, where he most recently served as Director of Credit for its SBL platform and a senior member of the credit team. Prior to his tenure at Freddie Mac, Mr. Lam held a variety of production and underwriting roles at companies including Barings Capital, Capital One Bank (formerly Beech Street Capital), PNC Bank, and Highridge Costa Housing Partners.
Mr. Lam earned a Bachelor’s degree in Business Administration from California State University, Fullerton. He will be located in Greystone's growing Newport Beach, California office, reporting to Leah Purvis, Managing Director and Chief Credit Officer for Greystone’s Agency Small Loans platform.
“Jerry’s experience at Freddie Mac, as well as at a diverse range of lenders in the private sector, will contribute to the Greystone advantage for our clients, which includes delivering a best-in-class execution, step-by-step client support and guidance, and leveraging our role as one of the pioneers of Freddie Mac’s SBL platform,” said Ms. Purvis. “We are thrilled to add Jerry’s expertise in process excellence and risk management best practices to our industry-leading small loans platform, and are excited to see the team thrive under his leadership.”
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has appointed Alex Papathomas as Chief Technologist for its Greystone Labs division to oversee the continued development and rollout of proprietary software serving Greystone’s commercial real estate clients.
In this new role as Chief Technologist, Mr. Papathomas will amplify Greystone’s innovation efforts in digitally assessing real estate investors’ needs, providing real-time quotes and property analysis, and ultimately shepherding a borrower seamlessly through the loan process in record time. Since 2014, the Greystone Labs team, formerly led by Zac Rosenberg, has been laser-focused on transforming the way the commercial lending market operates by developing customer-facing applications powered by machine learning and AI.
Prior to joining Greystone, Mr. Papathomas served as a Vice President at RealtyMogul, a real estate crowdfunding and investing platform, where he built a proprietary loan underwriting system that was ultimately acquired by Hunt Real Estate Capital in February 2019. Prior to that role, he was Chief of Staff and an underwriting lead at Investors Bank. Earlier in his career, Mr. Papathomas was an equities analyst for Alternative Energy Investing LLC.
“Greystone’s existing technology provides an unparalleled advantage for its clients, and my vision is to build upon that solid foundation to provide an ever-evolving and best-in-class experience for borrowers,” said Mr. Papathomas. “With a focus on speed and user experience, I am confident that Greystone’s technology will be a continued differentiator for its lending platform.”
“As the founder of the Greystone Labs division, I know that the future of Greystone’s digital customer experience and back-end capabilities to close loans at lightning speed are in good hands with Alex,” said Zac Rosenberg. “There is no denying that these factors are what will define the leaders in commercial mortgage financing in the near future.”
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has appointed Alex Papathomas as Chief Technologist for its Greystone Labs division to oversee the continued development and rollout of proprietary software serving Greystone’s commercial real estate clients.
In this new role as Chief Technologist, Mr. Papathomas will amplify Greystone’s innovation efforts in digitally assessing real estate investors’ needs, providing real-time quotes and property analysis, and ultimately shepherding a borrower seamlessly through the loan process in record time. Since 2014, the Greystone Labs team, formerly led by Zac Rosenberg, has been laser-focused on transforming the way the commercial lending market operates by developing customer-facing applications powered by machine learning and AI.
Prior to joining Greystone, Mr. Papathomas served as a Vice President at RealtyMogul, a real estate crowdfunding and investing platform, where he built a proprietary loan underwriting system that was ultimately acquired by Hunt Real Estate Capital in February 2019. Prior to that role, he was Chief of Staff and an underwriting lead at Investors Bank. Earlier in his career, Mr. Papathomas was an equities analyst for Alternative Energy Investing LLC.
“Greystone’s existing technology provides an unparalleled advantage for its clients, and my vision is to build upon that solid foundation to provide an ever-evolving and best-in-class experience for borrowers,” said Mr. Papathomas. “With a focus on speed and user experience, I am confident that Greystone’s technology will be a continued differentiator for its lending platform.”
“As the founder of the Greystone Labs division, I know that the future of Greystone’s digital customer experience and back-end capabilities to close loans at lightning speed are in good hands with Alex,” said Zac Rosenberg. “There is no denying that these factors are what will define the leaders in commercial mortgage financing in the near future.”
Greystone, a real estate lending, investment, and advisory company, announced it has provided a $35,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a newly-constructed multifamily property, Fitzroy Chenal, in Little Rock, AR. The transaction was originated by Clint Darby, a Managing Director at Greystone.
The $35.5 million near stabilization Fannie Mae loan carries a 12-year term and 30-year amortization period at a low, fixed rate. The 294-unit Fitzroy Chenal is a new construction property offering a range of amenities including a community clubhouse, pool, recreational lounge, fitness center, business center, cybercafé with high speed internet, conference room, game room, poker/wine room, storage units, interior mailroom, golf simulator, dog-wash station, dog park, and electric charging stations.
“The key aspect of this financing being a success for the borrower was monitoring the leasing activity from the early stages and engaging with the Agencies’ timing for rate lock,” said Mr. Darby. “We are constantly monitoring for the optimal time to lock in, and this lease-up loan product from Fannie Mae provides a fantastic long-term option for a construction financing exit while the property becomes stabilized.”
“We leaned on Clint and his team to execute the best terms for this refinance in conjunction with the earliest point we could rate lock with rates being so advantageous,” said Brandon Huffman, Principal for the borrowing entity. “We are incredibly proud of this new project, and the high demand so far has validated our efforts in bringing high-quality housing to the Little Rock market.”
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided $7,075,000 in bridge financing for the acquisition of a 90-bed skilled nursing facility in Plainfield, Conn. Originated by Lisa M. Fischman of Greystone, the loan is intended to be converted to permanent FHA-insured financing.
Greystone provided the bridge loan to Curtis Rodowicz and Robert J. Darigan, for Colonial Health & Rehab, and is working on the permanent financing package for FHA, which will include a 35-year non-recourse loan at a low, fixed rate.
“We are thrilled to leverage Greystone’s seamless Bridge and HUD programs together to close the acquisition of Colonial Health & Rehab,” said Mr. Rodowicz. “This asset speaks to our commitment to our local community, and as the now owner/operator, we look forward to ensuring that the residents and their families can benefit from the beautiful amenities we offer for a long time to come.”
“It is truly gratifying to help Curtis and Bob complete this acquisition,” said Ms. Fischman. “Greystone’s bridge platform was a perfect fit. Our seamless bridge-to-HUD process has already begun and will save them a tremendous amount of time. Every member of the Colonial team is compassionate and professional, and I have no doubt their portfolio will grow and prosper.”
