Greystone, a real estate lending, investment and advisory company, today announced that Jerry Muir has joined as a Managing Director working with the Agency lending team. A 25-year veteran of Fannie Mae, Mr. Muir will focus on building out Greystone’s manufactured housing lending platform.

Mr. Muir most recently served as Director of Multifamily Credit/Underwriting at Fannie Mae, responsible for a 12-state Southeast Region, with a dual role in having developed and managed the manufactured housing community (MHC) lending platform at the GSE. Mr. Muir managed the MHC platform at Fannie for over 15 years, overseeing over $10 billion in financing for this asset class.  

Mr. Muir, who reports to Joe Mosley, Executive Vice President of Fannie Mae and Freddie Mac Lending, will work closely with the Origination Team to identify lending opportunities with owners of manufactured housing communities.  

“Jerry’s new role at Greystone is one that will elevate our capabilities in an asset class that’s seeing growing interest and activity,” said Mr. Mosley. “With Jerry’s credentials from over 25 years at Fannie Mae, his deep industry expertise and MHC industry knowledge gives Greystone an edge as we will boost this platform.” 

“After a long career at Fannie Mae, the role at Greystone provided a unique opportunity to work across a range of lending platforms that are relevant to manufactured housing,” said Mr. Muir. “Having worked with the Greystone team for decades, it was a natural fit to help build the MHC business with a best-in-class group.

Greystone Development’s 14-story mixed-use building, The Aura, at 1501 SW 37^th Ave in Coral Gables, has achieved a significant construction milestone, announcing it has topped off.

The Aura, a 96,550 square foot, 100-unit luxury multifamily development, designed by Borges + Associates Architects with a distinctive profile, features thoughtfully planned amenities, including swimming pool and spa, sun terrace, gym, lounge, and garage. The property is comprised of one- and two-bedroom units, each with private outdoor space. The approximately 6,400 square feet of ground floor retail shines with floor-to-ceiling windows and over 150 feet of frontage along Douglas Road, a highly trafficked retail corridor. Greystone Development has exclusively engaged The Diaz Team at CBRE to lease the retail portion of the property.

“This topping off marks our continued growth in South Florida,” said Jeffrey Simpson, Head of Greystone Development. “Greystone Development has developed more than 830,000 gross square feet in this market to date. Coral Gables and Miami are vibrant markets, and we look forward to expanding our presence.”  

The Aura is ideally located within walking distance of Downtown Coral Gables, Miracle Mile and The Mile, a 120-unit luxury rental building developed by Greystone Development. In December 2015, The Mile was sold to a major national REIT for record pricing in Miami.

Greystone Development is also currently developing 2500 Biscayne Boulevard, a 20-story mixed-use property located near Biscayne Bay. Nearing completion, the property will offer 156 luxury apartments with 20,000 square feet of street-level retail in the Edgewater district of Miami.

Greystone, a New York-based real estate development, lending and advisory company, today announced that “On the Sound,” a newly constructed waterfront residential development on City Island, is now 75 percent sold. Perched upon five waterfront acres at 226 Fordham Place, On the Sound boasts 43 townhome-style condominiums within a private gated community. McClellan Sotheby’s International Realty, led by Sona Davidian, is exclusively handling sales for the community.

On the Sound features two-, three- and four-bedroom homes ranging in size from 1,407 square feet to 3,345 square feet with both private garage and driveway parking for each unit. Designed by Kutnicki Bernstein Architects, all units feature gas fireplaces, Carrera white marble accents, GE Profile stainless steel appliances, hardwood flooring and walk-in closets. Prices for the remaining available units range from approximately $718,000 to $968,000.

“Our goal is to create a truly one-of-a-kind community with elegant finishes, open water views and an intimate neighborhood feel – something that’s hard to find in the five boroughs,” said Jeffrey Simpson, head of Greystone Development. “On the Sound is a truly unique addition to the City Island area,” he added.   

On the Sound units offer residents either a spacious private garden or elevated terrace. The community’s private amenities include a clubhouse with elevated terrace, outdoor pool, playground, and fitness center. Just outside the gated community is a new esplanade, providing beautiful vistas of the Long Island Sound and environs.

“The property is drawing in a mix of buyers ranging from current City Island residents, to downsizers from Westchester looking for condo living, to residents from the surrounding New York City area,” said Davidian. “This gorgeous waterfront community is surely going to be the jewel of one of the most unique and distinctive neighborhoods in NYC.”

For more information, visit www.cityislandliving.com.

Greystone, a leading real estate lending, investment and advisory firm, closed and funded approximately $500 million in HUD-insured loans in July and August of this year, the company announced today. During this time, Greystone’s pipeline of in-progress FHA transactions grew to a total of nearly $3 billion – a 30% increase compared to August 2015 -- and includes over $750 million in FHA financing for new construction projects.        

“We started 18 months ago with the premise that there was an opportunity to totally transform the client experience of going through the HUD underwriting process. Since that time, our team has been laser focused on streamlining every facet of our processes and developing new proprietary technology to address the biggest pain points of our clients,” said Mordecai Rosenberg, head of Greystone’s FHA lending group. “Our average underwriting timeframes are down by 50% year-over-year (from 12-18 months down to 6-8 months) and the marked increase in FHA deal volume is a testament to the fact that the industry is really starting to take notice.”

Greystone’s closed transactions during this 60-day period include financings across the spectrum of FHA new construction and refinance loan products for both multifamily as well as healthcare properties. 

“Greystone has never done anything today simply because it’s what we did yesterday. We will continue to improve the quality of the experience that we provide for our clients as well as for our team members on a daily basis. This is only the beginning’,” Mr. Rosenberg added. 

Greystone, a real estate lending, investment and advisory company, today announced the expansion of its multifamily advisory platform in California’s Bay Area. Todd Vitzthum, formerly an Executive Director with Cushman & Wakefield, and Simon Hermann, previously a Director, recently joined Greystone as Senior Managing Director and Managing Director, respectively. Collectively, the two key hires, along with their team, bring to Greystone several hundred million dollars in transactional experience, along with a market-leading presence in the multifamily development sales advisory space.

“The Bay Area multifamily market is quite unique, with demand far outpacing supply,” said Vitzthum. “The expansion of our team years ago from a traditional apartment sales model to a fully integrated pre- and post-development multifamily advisory platform was an effort to bring a higher level of service to our clients. Greystone’s lending and equity capabilities will now allow us to provide our clients with options to which no other sales advisory platform can compete. It really is the most comprehensive advisory platform in our industry. This will truly change the game,” he added.

Hermann commented, “We have been fortunate and have built a successful team, which provided us several options when deciding to take the next step for our sales advisory business. The basis of our decision was easy: How can we create the absolute best team and best platform to provide the highest level of service to our clients?”

He continued, “Imagine meeting with an advisor that can provide you with direct Agency financing options, along with equity and disposition services. We no longer just ask the question, ‘Do you want to sell?’ We now ask the question; ‘How can we help?’ This concept is the future of our industry.”

Greystone is rapidly expanding its national lending, investment and advisory platform, from its roots as one of the country’s most prominent direct Agency lenders into a true universal real estate advisory platform that includes sales, equity and development.

Vitzthum and Herrmann report to Jim McDevitt, President, Greystone Real Estate Advisors. McDevitt added, “We are thrilled to have such an experienced team in the Bay Area to complement our growing operations nationally which address the affordable and conventional multifamily sectors.”

Greystone, a real estate lending, investment and advisory company, announced Joseph Stepchuk has been named a Managing Director. Mr. Stepchuk joins from Fannie Mae, where he served as Director for the past 10 years overseeing $3 billion in annual multifamily loan production. At Greystone, he will support Greystone’s conventional business with Freddie Mac and Fannie Mae. Mr. Stepchuk will report directly to Joe Mosley, Executive Managing Director and head of Agency production, and will be based in the Philadelphia region.  

During his time at Fannie Mae, Mr. Stepchuk worked directly with borrowers and lenders nationwide, and managed the Student Housing loan product. Prior to Fannie Mae, Mr. Stepchuk served roles as both Senior Underwriter and Manager of Loan Servicing at GMAC Commercial Mortgage (now Berkadia).

Mr. Stepchuk stated, “I’m very excited to join Greystone and its Agency Production Team. My years of Agency experience are a great fit to help grow the business with new and existing clients. They are a strong team, whom I have known for many years, and I look forward to much success with Greystone.”

“Joe brings a wealth of experience to Greystone, from over a decade of loan production on the Agency side to underwriting, servicing and workouts, all of which are invaluable as we strive to maintain the most comprehensive understanding of property owners’ financing challenges,” said Mr. Mosley. “We are thrilled that Joe will help boost multifamily loan production at a time when demand is rapidly growing.”