Former Head of Freddie Mac Multifamily to Grow Mission-Driven Credit Platform at Greystone

Greystone, a leading national commercial real estate finance company, announced that Debby Jenkins has joined the firm as an Executive Managing Director. In this new role, she will focus on growing Greystone’s mission-driven strategies, including its Social Impact and Affordable Housing platforms. Ms. Jenkins will collaborate across teams to develop and execute strategies that promote the creation, financing, and preservation of safe and affordable housing that also makes a positive impact on local communities.

Prior to coming into this newly created role at Greystone, Ms. Jenkins spent nearly 15 years at Freddie Mac where she held a variety of leadership positions, most recently serving as Head of the GSE’s Multifamily platform. She has spent the greater part of her 30+ year career in the Multifamily sector, focusing on workforce and affordable housing.

“The prospect of having the tools and the team to build what is possible for Affordable and Social Impact Housing is what drew me to this opportunity at Greystone,” said Ms. Jenkins. “Greystone is renowned for its driving principle of impacting others’ lives, and the Social Impact concept is a natural extension of both Greystone’s cultural ethos and its expansive affordable housing business platform. I’m thrilled to take on a new challenge and contribute to the greater impact we, along with our clients, can make together for those who rely on critical affordable housing.”   

“Debby is a true visionary in our industry, and her diverse expertise in leading the nation’s largest mission-driven multifamily finance platform aligns with our goals in becoming a Social Impact Housing leader,” said Mr. Steve Rosenberg, CEO of Greystone, and to whom Ms. Jenkins reports. “I can’t wait to see what Debby accomplishes in her role here at Greystone and know that the sky’s the limit with her capabilities.”

Greystone, a leading national commercial real estate finance company, has provided a $16.8 million HUD LEAN 232/223(f) green loan to refinance a 102-unit Supportive Living Facility in Rolling Meadows, Illinois. The financing was originated by Adam Lipkin, Vice President and Michael Zukerman, Managing Director, of Greystone with Brent Connell of Geneva Capital acting as correspondent on the transaction.

Plum Creek at Rolling Meadows is a three-story facility on 1.46 acres, which was constructed in 1986 as a hotel property and converted to a Supportive Living Facility in 2006. The Supportive Living program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing.

With the 35-year self-amortizing refinancing, the owner committed to implementing “green” improvements that will result in an estimated 15% in energy savings and 10% in water savings annually, amounting to projected savings of over $20,000 per year.

Currently, the new HUD-insured green seniors housing program can cut closing costs by 75 bps and reduce the interest rate by almost half a percent (50 bps). This leads to a substantial decrease in annual financing costs and enables a significantly larger loan than HUD-insured financing without the green benefits.

“HUD’s new green financing program for senior housing is an excellent option to reduce debt service by making environmentally-friendly improvements, all the while benefiting from the long-standing advantages of a non-recourse FHA-insured loan – longer loan terms and amortizations, greater proceeds, and lower interest rates overall,” said Mr. Lipkin.

Greystone, a leading national commercial real estate finance company, has provided an $11,050,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for a 135-unit multifamily property in Meriden, Connecticut. The financing was originated by Dan Sacks, Senior Managing Director at Greystone, on behalf of Kennedy Holdings LLC, a long-time client.

Constructed in 1921, The Kennedy Building in New Haven County is a five-story midrise building offering studio apartments, as well as one- and two-bedroom units. The $11,050,000 non-recourse, fixed-rate financing carries a ten-year term and 30-year amortization, with seven years of interest-only payments. The loan proceeds will refinance an existing Greystone loan on the property and enable the borrower to monetize their equity in the property.

“Clients trust us because we carefully consider the complexities of their entire portfolio and circumstances when structuring products for their needs,” said Mr. Sacks. “We work through every phase of a property’s lifecycle and leverage our deep lending resources across the capital stack to secure long-term financing to help them achieve their vision.”

“Once again, Greystone was able to secure a financing solution that will help us reach our long-term goals for this property,” said Mr. Benjamin Weinstein, principal of the borrower. “Dan’s team are professionals who perform at the highest level – they are exceptional at what they do in every sense.”

Greystone, a leading national commercial real estate finance company, has provided a $20.9 million Fannie Mae Multifamily Affordable Housing (MAH) loan for the acquisition of Parkside Place, a 321-unit, income and rent-restricted garden apartment complex located in Pasadena, Texas. The financing was originated by Michael Zampetti, Senior Managing Director in Greystone’s New York office.

Parkside Place consists of 27 two-story apartment buildings situated on an 11.24-acre site. Constructed in 1969, the property was renovated in 2018 and includes amenities such as a leasing office, two pools, on-site management, a laundry facility, a business center, and private patios. There are 526 total parking spaces, including reserved handicap spaces and carports.

"Parkside Place plays a vital role in offering quality, affordable housing within the Houston metropolitan area," said Mr. Zampetti. "We at Greystone take immense pride in our track record of supporting affordable housing throughout the country and are happy to have facilitated our client's acquisition of this asset. It was a pleasure to work with the borrower. We are rooting for their continued success." 

Greystone, a leading national commercial real estate finance company, has provided $27,325,000 in total Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for a two-property portfolio in Greensboro, North Carolina. The financing was originated by Justin Hechler, Director at Greystone, on behalf of repeat client Featherstone Partners.

Terrace Oaks, which comprises 120 units, and Terrace at Olde Battleground, comprising 156 units, both received 10-year, fixed-rate Fannie Mae loans with 35-year amortizations and the first six years of interest-only payments. Both properties boast amenities including swimming pools and fitness centers, while the larger community, Terrace at Olde Battleground, additionally offering a playground, car wash station, dog park and wash station, and picnic area with fire pit.

In addition to these two refinancing transactions, Hunter Bowling of Cushman & Wakefield represented Featherstone Partners in the sale of Madison Woods, also located in Greensboro.

“Exiting the portfolio’s existing debt all at once by way of three separate transactions was tricky due to the current capital markets environment -- having a thorough understanding of the mechanics that went into each step, along with having great financing partners like Greystone, made all the difference,” said Chuck Patty, Managing Partner, Featherstone Partners.

“It takes a true collaboration with clients to close financing so quickly, and the Featherstone team was prepared and responsive, enabling our team to guide them to closing in 28 days,” said Mr. Hechler. “It’s also a testament to our commitment to clients when we have repeat borrowers return for new financing with Greystone.”

Greystone Closes the Only Healthcare Construction Loan Approved by HUD in the Past Year;

Long Island’s South Shore Will Be Enhanced with a New, Stunning Advanced Care-Memory Community 

A historic homestead in Long Island’s Bay Shore will be the site of a new Assisted Living and Memory Care community financed by a HUD-insured loan from Greystone, a leading national commercial real estate finance company. This transaction marks the only Healthcare construction loan in the United States approved by HUD in 2022, at $25,193,000, having overcome obstacles caused by the Covid-19 pandemic and overall market volatility.

Originated by Greystone’s Lisa M. Fischman, the long-term construction-to-permanent financing converts from a construction loan to a 40 year, fully amortizing, non-recourse, fixed, low-rate loan. The project owners, Charles Ferraro and Nicholas Racanelli, recognized the south shore market as being underserved with quality Assisted Living and Memory Care services, and developed a plan to reimagine the original Gulden’s Mustard family homestead, Netherbay, into a state-of-the-art care facility that preserves the character of the 1800s mansion and estate grounds. The unique look will mirror the unique services as Netherbay will be licensed to allow seniors with memory conditions to age in place; never having to be transferred to an alternate care facility.

Netherbay at Bay Shore will include 72 individual rooms dedicated to Memory Care, and advanced Assisted Living residents. Operated by Meridian Senior Living, residents will benefit from the property manager’s Montessori “Moment in Time” principles, which applies hands-on interventions and rehabilitation for residents. Amenities will include boutique communal dining and lounging spaces, an outdoor garden and walking area, a pavilion for outdoor entertainment, and on-site recreational spaces. Netherbay will be located in the heart of bustling Bay Shore, near Lawrence Lake, the marina, between Good Samaritan University Hospital and South Shore University hospital, local shops and bakeries. 

“Over the last several years, it has been a journey in patience and perseverance to see the successful close of this financing, which will enable Mr. Ferraro and Mr. Racanelli to provide critical Memory Care services in a warm, neighborhood environment that respects the beauty and charm of Bay Shore and the history of the original site on which it will proudly stand,” said Ms. Fischman.  “Due to the tremendous impact Covid-19 had on New York, it took additional time and data to assure HUD that this was a wise and viable project. Knowing that one of the owners, Mr. Racanelli, is also the General Contractor, Racanelli Construction, was a factor in their affirmative decision.“

“Aside from the fact that the world changed from Covid-19 through this process, we take our responsibility to residents even more seriously and are dedicated to ensuring that Netherbay at Bay Shore provides the highest level of services in an idyllic setting that pays homage to the Gulden family and everything that makes Long Island’s south shore a forever destination,” said Mr. Ferraro, principal of the borrower.