Greystone, a leading commercial real estate lending, investment, and advisory company, announced that it has provided a $32,226,600 FHA-insured loan to finance the construction of The Vic at Southwinds Apartment Homes, a new market-rate 265-unit green-certified project in Baytown, Texas. The FHA construction-to-perm loan was originated by Jason Stein of Greystone on behalf of Sanford P. Aron of Hunington Properties, Inc.

The FHA-insured financing for the property located at 1900 Kilgore Parkway is a ground-up construction loan that converts to a 40-year permanent, fixed-rate, non-recourse fully amortizing loan after completion and stabilization. With this green-certified and energy efficient project, the borrower also qualifies for reduced Mortgage Insurance Premium (MIP).

The market-rate property’s eight, three-story garden-style buildings will offer 1-, 2- and 3-bedroom units with high-end finishes, in-unit washer/dryers and private yards. Residents will be able to enjoy amenities such as a fitness center and indoor playground, clubhouse and pool, conference room and business center, beer garden, two dog parks, attached garages, and parking for boats and recreational vehicles. The property’s location near several interstate highways will offer convenient access to neighborhood retail and employment centers, as well as Baytown’s central business district and the southeastern suburbs of Houston. The first residents are expected to move in during the Summer of 2020.

“I couldn’t be more excited to be part of this new construction project outside of Houston, which will meet the high demand for new rental stock in this growing submarket,” said Mr. Stein.

“Our Greystone team’s expertise and deep background in FHA finance resulted in bringing this transaction to a quick close,” said Mr. Aron. “We needed a trusted, knowledgeable partner to be our guide throughout the FHA financing process, and we found one in Greystone.” 

Greystone, a leading commercial real estate lending, investment, and advisory company, announced that it has expanded its Houston-based team with the addition of Ed Gray as a Managing Director and Brooks Steele as a Director.

Joining from Sabal Capital Partners, LLC, Messrs. Gray and Steele will help drive loan origination efforts in the Houston, TX region across a range of lending platforms, including Fannie Mae, Freddie Mac, FHA, CMBS, bridge and mezzanine. They join Greystone’s growing lending and sales advisory group based in the Bayou City, expanding its integrated and seamless offering for property investors across various stages of the real estate investment lifecycle.

Mr. Gray brings to Greystone over 15 years of real estate industry experience with positions in originating Agency and bridge loans, evaluating debt, CMBS underwriting, and managing due diligence teams. In addition to Sabal, he has held roles at CBRE, Citi, Beal Bank, and Spring11 LLC. He earned a Master’s degree from Texas A&M University and a Bachelor’s degree from The University of Texas at Austin.

As a Director, Mr. Steele brings five years of underwriting and lending experience, including nearly four years at J.P. Morgan managing a $1.2 billion portfolio of assets across the multifamily, office, retail, and industrial sectors. He earned a Bachelor’s degree in Finance from the University of Texas at Austin.

“The addition of Edward and Brooks greatly strengthens Greystone’s end-to-end expertise, capable of providing significant depth in any product or service desired by a real estate investor, including acquisitions or refinancing of assets for the short or long term across a variety of product options,” said Rick Wolf, Executive Managing Director at Greystone. “We believe the Texas market, and Houston in particular, is ripe for opportunity and we are thrilled they have joined us.”

Greystone, a leading commercial real estate lending, investment, and advisory company, announced that it has expanded its Houston-based team with the addition of Ed Gray as a Managing Director and Brooks Steele as a Director.

Joining from Sabal Capital Partners, LLC, Messrs. Gray and Steele will help drive loan origination efforts in the Houston, TX region across a range of lending platforms, including Fannie Mae, Freddie Mac, FHA, CMBS, bridge and mezzanine. They join Greystone’s growing lending and sales advisory group based in the Bayou City, expanding its integrated and seamless offering for property investors across various stages of the real estate investment lifecycle.

Mr. Gray brings to Greystone over 15 years of real estate industry experience with positions in originating Agency and bridge loans, evaluating debt, CMBS underwriting, and managing due diligence teams. In addition to Sabal, he has held roles at CBRE, Citi, Beal Bank, and Spring11 LLC. He earned a Master’s degree from Texas A&M University and a Bachelor’s degree from The University of Texas at Austin.

As a Director, Mr. Steele brings five years of underwriting and lending experience, including nearly four years at J.P. Morgan managing a $1.2 billion portfolio of assets across the multifamily, office, retail, and industrial sectors. He earned a Bachelor’s degree in Finance from the University of Texas at Austin.

“The addition of Edward and Brooks greatly strengthens Greystone’s end-to-end expertise, capable of providing significant depth in any product or service desired by a real estate investor, including acquisitions or refinancing of assets for the short or long term across a variety of product options,” said Rick Wolf, Executive Managing Director at Greystone. “We believe the Texas market, and Houston in particular, is ripe for opportunity and we are thrilled they have joined us.”

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $7.5 million Freddie Mac Small Balance Loan refinance for a 163-unit multifamily property in Charlotte, North Carolina. The transaction was originated by Andrew Ellis and Payton Banks, Managing Directors in Greystone’s Rockville, Maryland, office, on behalf of Sandhurst Investors. 

The new financing is a 20-year hybrid mortgage based on a 30-year amortization with a 10-year fixed-rate period followed by a 10-year floating-rate period and two-years of interest-only. The loan proceeds will enable the borrower to complete renovations and capital improvements to the property and expand their investment portfolio.

Built in 1967, 1701 Cityview has tripled in value since its purchase and renovation which involved structural improvements to some of its apartments and complete interior and exterior refurbishments, including new paint, cabinets, appliances and flooring for most of its units. 

The community is made up of market rate 1-, 2- and 3-bedroom apartments with easy access to uptown Charlotte, major highways and the Charlotte Douglas International Airport. The park-like community offers laundry facilities and a short walk to the YMCA and public library.

“This loan was a strategic refinancing allowing the owner to add further value to the asset while monetizing equity from their initial investment and redirecting those funds to grow its portfolio,” said Mr. Ellis. “Multifamily transactions often require flexibility and creativity – and that was certainly the case here with 1701 Cityview. The asset is located in one of the country’s strongest multifamily markets and is located in a recently designated Opportunity Zone. This submarket is experiencing economic growth and excellent rental dynamics.”

“We are amazed at the agility and expertise of the Greystone team to bring this transaction to a quick close,” said Jaykant Patel, principal of Sandhurst. “We look forward to closing more deals with Greystone as we continue to expand our multifamily holdings across North Carolina.”

Patel’s investment and development firm DYON sourced the property, structured the equity and debt financing, and managed renovations and lease-up of the property, while working closely with community advocates in this evolving area.

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $24 million Fannie Mae loan to refinance an assisted living facility in New Jersey. The transaction was originated by DJ Elefant in Greystone’s New York office, on behalf of Sage Healthcare Partners. Neal Raburn and team out of Greystone’s Atlanta office provided support in structuring, underwriting and closing the transaction.

The $23,995,000 Fannie Mae loan carries a 10-year term and 30-year amortization with a two-year interest-only period. The 138-unit assisted living and memory care community offers on-site care as well as a full suite of luxury amenities for long-term residential stays.

Greystone originally provided a bridge loan to the borrower to acquire the facility in 2017 and make significant investments to increase its overall value. The permanent loan enables the borrower to refinance out of the bridge loan and continue with its ongoing facility improvements.

“We’re thrilled that our bridge-to-permanent financing platform has a diverse range of exit options so clients can fully execute on their strategy for each property,” said Mr. Elefant. “At the outset, we were able to help our client transform a struggling facility to one of the area’s nicest, and now the permanent agency financing will enable them to maintain and continually improve the property for the long term.”

“When we first decided to purchase this facility, our Greystone team was dedicated to getting us the financing we needed to realize our vision for what it could really be,” said Avi Satt, President, Sage Healthcare Partners, a boutique senior living management company. ”Greystone’s certainty of execution and proven expertise in seniors healthcare financing made both the initial acquisition and the refinancing smooth, seamless and successful transactions.”

As Chairman of the Board for the Council for Affordable and Rural Housing, Eastwood Speaks before the House Financial Services Committee’s Subcommittee on Housing, Community Development, and Insurance

Tanya Eastwood, President of Greystone Affordable Development and Chairman of the Board for the Council for Affordable and Rural Housing (CARH), testified today before the House Financial Services Committee’s Subcommittee on Housing, Community Development and Insurance on the urgent need to address the country’s affordable rural rental housing crisis.

Her testimony was part of the April 2, 2019, hearing, “The Affordable Housing Crisis in Rural America: Assessing the Federal Response,” which took place at 2:00 p.m., in room 2128 of the Rayburn House Office Building on Capitol Hill.

Ms. Eastwood encouraged Congress and the current Administration to do more to address the affordable housing challenges and infrastructure needs facing rural communities across America. She acknowledged that a public-private partnership is critical to addressing rural communities’ needs and that neither the private nor the public sector could produce affordable rural housing independently.  

“Though the Section 514 and 515 programs under Housing Act of 1949 operate through a successful public-private partnership, the number of properties able to be preserved with current resources will nowhere achieve portfolio-wide preservation in any reasonable time period. The Section 514 and 515 portfolios are largely more than 30 years old and at risk of becoming obsolete. We encourage the prioritization on the preservation of existing properties ahead of new construction, as it is much more cost-effective to complete a substantial rehabilitation compared to the cost of building new,” said Ms. Eastwood.

Ms. Eastwood stated that CARH had several legislative recommendations that, working with the U.S. Department of Agriculture Rural Development (RD) and Congress, would help expand tools available to RD in preserving the much needed, but at-risk, affordable housing for rural communities. Among these recommendations were:

    - Make permanent and expand the MPR program, providing sufficient funding for urgent preservation needs

    - Extend the Sec 542 voucher program to properties facing mortgage maturity or foreclosure, not just prepaid properties;

    - The need for a specific direction to RD to spend all funds on hand each fiscal year;

    - Continue efforts to modernize and expand the successful Housing Credit program, including fixing the 4% Housing Credit similar to the 9% credit;

    - Modify the tax rules to better allow for preservation of the aging stock of Section 515 affordable housing;

    - Continue and expand the RD Section 538 loan guaranty program; and

     - Keep and expand the HOME program.

Ms. Eastwood also went on to offer CARH’s support for the concept in the proposed Rural Housing Preservation Act of 2019, but with major revisions to Sections 2, 3, 4 and 5 of the proposed legislation, saying, “We are deeply concerned that many of the details, conditions and restrictions in the proposal would have unintended consequences and actually work against preservation.”

“Households in rural rental properties are among the most vulnerable in the nation: female-headed households currently occupy 70 percent of these affordable housing units, and over 62% are occupied by seniors or disabled residents. And the adverse effects of housing instability on this country’s greatest asset, our children, has been well documented,” said Ms. Eastwood. “We agree that infrastructure legislation by Congress should specifically address the unique needs of agriculture and rural communities, including housing. With a few relatively minor changes, Congress can provide the tools needed to continue the successful public-private partnerships for affordable rural housing.”

To read Ms. Eastwood’s written testimony, click here.

About Tanya Eastwood

Tanya Eastwood is President and CEO of Greystone Affordable Development, an affiliate of Greystone & Co., Inc., where she is responsible for the strategic growth and implementation of Greystone’s affordable housing preservation efforts. Greystone Affordable Development is a leading developer and advisor in recapitalization for rural affordable housing, having preserved over 12,500 affordable housing units in the U.S. Tanya and her team assist non-profit and for-profit owners and developers in meeting the challenges of production, preservation, recapitalization and rehabilitation of affordable housing assets across the U.S. She specializes in sourcing creative solutions to complex affordable housing transactions involving HUD, USDA, and other state and federal agencies. She has facilitated the preservation of over 300 of USDA’s existing RD 515 properties across the country, with another 175 properties in various stages of redevelopment. Ms. Eastwood has been involved in multifamily real estate since 1989, focusing on development, management, marketing, fiscal analysis and asset management. Prior to Greystone, she was Executive Director of WAJ Management, LLC where she directed the asset management of LIHTC, HUD, and USDA sites. Previously, she was Vice President of Development for the eastern division of Forest City Residential, a Cleveland based publicly traded real estate company, where she concentrated on the production of urban development and adaptive re-use of multifamily sites throughout the eastern US.

Ms. Eastwood is the current Chairman of the Board of the National Council for Affordable and Rural Housing (CARH) and served as the organization’s President from 2016 through 2018. She served on the board of the National Rural Housing Coalition, as well as currently Chairs Fannie Mae’s Rural Duty to Serve Advisory Council.  She was named CARH’s 2018 Member of the Year, and in 2019 was named one of the leading women of influence in affordable housing by Affordable Housing Finance.