NEW YORK, NY (July 25, 2018) -- Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $20,659,400 HUD-insured permanent loan to refinance Golden Gate Rehabilitation & Health Care Center, a 238-bed skilled nursing facility in Staten Island, New York. The transaction was originated by Fred Levine, Managing Director in Greystone’s Monsey, NY office. The facility is affiliated with the Sentosacare network.

The permanent FHA financing for Golden Gate Rehabilitation Center carries both a 35-year term and amortization period at a low, fixed rate. Greystone had previously arranged a bridge loan on the facility two years prior, and this HUD-insured financing represents a permanent exit from that interim loan.

Golden Gate is located in the Willowbrook neighborhood of Staten Island, just off of I-278 for easy access both from within the borough and from points beyond NYC. The facility is ranked 5 stars by Medicare, the highest possible ranking. Golden Gate offers services including short-term rehabilitation; long-term residential care; physical therapy; occupational and speech therapy; and neuro and orthopedic rehabilitation.

“Many lenders promote bridge-to-HUD financing, but Greystone delivers time and time again,” said Mr. Ben Philipson, co-founder, SentosaCare.  

“Sentosacare-affiliated facilities are truly committed to patient care,” said Mr. Levine. “I’m honored to be the point person on the long-standing relationship Greystone has with Sentosacare and its principals.”    

New York, NY (July 24, 2018) – Greystone, a commercial real estate lending, investment, and advisory company, announced it has provided a $28,200,000 Fannie Mae DUS loan for the acquisition of Northpoint Apartments, a dedicated student housing community in Rexburg, Idaho. The loan was originated by Dale Holzer of Greystone’s Newport Beach office.

 The 154-unit property, which was completed in 2014, serves the BYU-Idaho student population with 1,024 individual beds. The Fannie Mae DUS loan carries a 10-year fixed rate with 5 years of interest-only.

Catering to a new generation of student renters, Northpoint Apartments is a Class A property with a number of amenities geared toward comfort and convenience, including a private gym, theater, music rooms, and community-sponsored activities such as pizza parties and game nights.

“The borrower’s long track record of student housing ownership enabled him to secure favorable terms against a number of unique challenges, including the smaller enrollment of this BYU-Provo offshoot campus and a shorter history of rent collections,” said Mr. Holzer. “Leveraging a 1031 exchange, this permanent financing will enable the borrower to continue to grow his portfolio.”

“The student housing market of today looks very different than 10 years ago,” said Joe Stepchuk, Managing Director and head of Greystone’s student housing lending platform. “Community, study areas, fitness centers, and technology access are priorities for students today. Premium properties offer these as well as effortless and accessible experience.”

Greystone Development, a New York-based real estate development company, today announced it has sold 227 4th Avenue for $10 million to an unnamed buyer. Ofer Cohen of TerraCRG brokered the deal on behalf of Greystone. Brian Flanagan of Sterling Project Development managed the acquisition for the buyer.

Acquired in 2014, Greystone completed a significant renovation to the landmarked property, which was first built in 1910 as Public Bath No. 7. Located between President and Union Streets, the property’s entire square footage (16,700) has been leased long-term to Blink Fitness since 2017.

Greystone Development worked in collaboration with Daniel Goldner Architects, Walter B. Melvin Architects, and preservation consultant Higgins Quasebarth & Partners to restore the neo-classical architecture of the former bathhouse. The preservation process consisted of the retention and preservation of almost 80 percent of the original glazed brick, limestone and terra cotta façade. Additionally, the intricate and colorful ornamental details, such as the nautical-themed carvings and elaborate cornice were restored and revitalized. Greystone’s restoration work was recognized by the New York Landmarks Conservancy with the Lucy G. Moses Preservation Award and by the Park Slope Civic Council with an Evelyn and Everett Ortner Preservation Award for excellence in Exterior Restoration.

“Ushering this historic landmark through a meticulous restoration has been nothing short of gratifying, and we are thrilled to see the property come full circle back to its original use as a public gymnasium,” said Thomas Ryan, head of Greystone Development. 

“The sale of 227 4th Avenue exemplifies the continued strength of the commercial market in Brooklyn,” said Ofer Cohen, founder and CEO of TerraCRG, which represented Greystone in the sale. “The Park Slope area remains one of the most sought-after investment destinations in NYC. 

Greystone Development is currently building a ground-up neighboring property, 223 4th Avenue. The 13-story residential property features 63 units, a wide range of modern amenities, and is slated to begin leasing in Summer 2018.

Greystone Development, a New York-based real estate development company, and preservation experts Walter B. Melvin Architects, announced that the New York Landmarks Conservancy has recognized the 227 4th Avenue property with the Lucy G. Moses Preservation Award. Named for the late New York City philanthropist, the annual Lucy G. Moses awards are the Conservancy’s highest honors given for outstanding preservation. 

In collaboration with Daniel Goldner Architects and preservation consultant Higgins Quasebarth & Partners, Greystone Development and Walter B. Melvin Architects worked to restore the historic facade of neo-Classical Public Bath No. 7 located at 227 4th Avenue. Built in 1910, the building was designed by prolific Beaux-Arts era architect Raymond R. Almirall who gained notoriety for designing several classically-inspired public buildings. The NYC Landmarks Preservation Commission designated the building an individual landmark in 1984, and it was added to the national and New York State Registers of Historic Places in 1985.

Beginning in 2015, the preservation process consisted of the retention and preservation of almost 80 percent of the original glazed brick, limestone and terra cotta façade. Additionally, the intricate and colorful ornamental details, such as the nautical-themed polychromatic glazed terra cotta ornament and elaborate, classically-inspired cornice, were restored and revitalized.

“We are honored to receive this recognition from the New York Landmarks Conservancy, and truly enjoyed being part of the collaborative effort that went into the restoration of this architectural landmark,” said Thomas Ryan, head of Greystone Development. “227 4th Avenue’s beautiful facade will be a reminder of the grand history of Park Slope for many years to come.”  

“We are very proud to be a part of Greystone Development’s project team that worked to bring Public Bath No. 7 back to life,” said Alison LaFever of WBMA. “With thoughtful planning, careful workmanship, and effective collaboration, we were able to preserve the architectural character of this exceptional building for Park Slope residents, and New Yorkers everywhere, to enjoy for years to come.” 

The 28th annual Moses Awards were presented on May 8 at the annual Lucy G. Moses Preservation Award Ceremony at St. Bartholomew’s Church in Manhattan.

Greystone, a commercial real estate lending, investment, and advisory company, announced it has provided a $28.5 million Fannie Mae DUS loan for the acquisition of Carmel Pointe in Sacramento, California. Greystone’s Northern California Advisory team, which consists of Simon Herrmann, Todd Vitzthum, and Cody Field, worked closely with the borrower to ensure a seamless process.  

The loan carries a seven-year fixed rate with two years of interest-only and stepdown prepay. As part of the Green Rewards program, Greystone was able to secure favorable terms with higher proceeds. Located at 7826 Center Parkway, Carmel Pointe is a garden-style multifamily complex featuring 22 two-story buildings with a total of 332 residences. The complex includes two outdoor swimming pools, spa, fitness center, clubhouse, playground, dog park, tennis court and five on-site laundry rooms. The borrower plans extensive upgrades including reduction of water consumption by more than 25%.

“This transaction exhibits how dynamic Greystone’s range of services is, from sales and disposition advisory to acquisition loans or refinancing,” said Simon Herrmann of Greystone Real Estate Advisors. “This full-service approach is hard to execute well on all fronts, but with Greystone’s deep commitment to client service, owners and investors can have confidence that we can address any of their real estate needs.” 

“Greystone’s local market knowledge and universal lending expertise is a clear advantage for property investors,” said Mr. Field. “Our ability to seamlessly take a client from embarking on an acquisition to providing the financing across a range of platforms makes the process much more efficient.”  

Greystone, a commercial real estate lending, investment, and advisory company, today announced it has provided a $35.8 million Fannie Mae DUS loan for the acquisition of Aldea at Estrella Falls in Goodyear, Arizona. The transaction was originated by Tim Thompson, Managing Director at Greystone, with Mark Paskill of Melvin Mark Capital Group acting as correspondent on the deal.  

The $35.8 million Fannie Mae loan has a 10-year fixed rate and term and a 30-year amortization period. This transaction marks the fifth Fannie Mae DUS deal Greystone has closed with the buyer, a prominent Oregon-based real estate investment group.

Located in southwest Phoenix, Aldea at Estrella Falls comprises 328 apartments. Built in 2008 and renovated in 2016, the property features barbecue grills, a heated pool and whirlpool, spa, clubhouse, fitness center and playground. The residential subdivisions are located within close proximity to the interstate freeway system serving metropolitan Phoenix, providing convenient access to employment areas. Combined with above-average household income and a resilient multifamily residential property market, Greystone sees this region as currently stable.

“Phoenix is experiencing a renaissance of sorts with growing investment interest by multifamily property owners,” said Mr. Thompson. “Greystone’s experience in and knowledge of the local market, and our close working relationship with Fannie Mae, enable us to execute efficiently for clients looking to acquire in this region.”