Greystone Development, a New York-based real estate development company, in a joint venture with Prime Rok Real Estate, a Midtown-based developer, today revealed the proposed plans for transforming landmarked Beaux-Arts building 164 West 74^th Street to residential condominiums. Located on 74^th Street between Amsterdam and Columbus Avenues, the eight-story building is comprised of approximately 30,000 gross square feet.

Greystone Development carefully assembled a team of experts to transform the unique and notable property, with design efforts led by esteemed Architect Barry Rice. This is Rice’s second collaboration with Greystone. Interior Designer Maureen McDermott of Winter McDermott Design worked in collaboration with Rice, and was tasked with creating a vision for the interior suitable for the historic building. Greystone Development has also tapped Stribling Marketing Associates to exclusively handle the sales efforts for the building. Alexa Lambert will head the sales effort, bringing decades of experience in new development uptown. Stribling Marketing Associates will collaborate with Greystone Development Marketing for the marketing of the project.

The existing façade is reminiscent of turn-of-the-century architecture in Europe, “La Belle Époque”. The proposed plan illustrates a south-facing, rear façade, inspired by the Grand Courtyards of Europe, as well as many notable Upper West Side Residential Properties. It will take a chevron shape, have a steel frame and be further articulated with Juliet balconies and terraces, chosen for both form and function – the design will immerse the residences in light and air. The balconies, railings and windows will be clad in metal, which is a familiar element in the neighborhood and recalls the Upper West Side’s neoclassical aesthetic.

This expert team of Winter McDermott Design and Barry Rice Architects has successfully taken 164 West 74^th street into the current century, giving the property a contemporary feel, while also maintaining the “fin de siècle”. This will be experienced throughout the building as the lobby floor reinterprets the Versailles courtyard.

“We plan to renew this exquisite building and celebrate its original glory,” Rice stated. “We chose materials that are contemporary and contextual to the Upper West Side and also rooted in the original Beaux-Arts period. This has been a meticulous exploration into the original turn of the century architecture as sources for inspiration and reference. The result will be a beautiful, classically-inspired building that suits contemporary living.”

For the proposed interior design, Maureen McDermott of Winter McDermott Design selected a palette of materials that reflects the same genre and caliber of the materials used in the original building. The planned interiors are contemporary, but with traditional roots that pay respect to the building’s rich history.

“164 West 74^th Street is similar to many of my other residential projects where the exterior is classic and traditional, but the interior is contemporary. For me, it’s the constant study of the traditional and the contemporary that creates an exciting dynamic,” Maureen McDermott stated. “Thus, resulting in a home with modern conveniences with but with sophisticated detailing, a home that feels bespoke and singular.”

Maureen McDermott has extensive experience incorporating architectural elements into her interior designs. She previously worked for Vicente Wolf Associates on the revitalization of the historic 15 Union Square West, where seamlessly incorporating original elements of the building into the design was of the upmost importance. 

“We are very excited to collaborate with this team of experts. Each member brings a high-level of knowledge and expertise to the development,” said Jeffrey Simpson, head of Greystone Development. “We look forward to transforming this unique and historically rich building into thoughtfully designed residences that are fit for modern dwellers, while still maintaining the classic elegance of the Upper West Side architecture.” 

Former Parking Garage to be Reimagined as a 200-Unit Residential Community via HUD Construction Loan

 
Greystone, a real estate lending, investment and advisory company, today announced it has provided $36,549,800 in FHA-insured financing for the construction of Residences at Mid-town Park Apartments, a mixed-use development project in Wilmington, Delaware. Donny Rosenberg originated the loan on behalf of Buccini/Pollin Group, who broke ground on the project in June 2016. 

The Residences at Mid-town Park is a mixed-use new construction, Class A elevator apartment complex located in the downtown business area that will contain 200 market rate units and 12,751 square feet of retail space on the first floor. The project will also have a 511-space underground parking garage with five levels, of which 150 spaces on the upper-most levels will be part of the subject property. The remaining 361 spaces on the lower levels will be set aside for public parking.

The Residences at Mid-town Park will consist of two separate apartment buildings, a four-story and nine-story, connected by a skybridge on the second level, with a pedestrian-oriented plaza on the ground level. Amenities will include a swimming pool; fitness center; business center; clubhouse with movie screening room; and courtyard with grilling stations. The FHA-insured financing provided by Greystone applies only to the residential and retail portion of the project. While the 150 parking spaces are part of the collateral for HUD, their construction is not being funded with the HUD loan. 

Because of the complexity of this development and its various uses, Greystone worked closely with HUD to structure a financing package that satisfied all required criteria for the multifamily component while providing favorable terms for Buccini/Pollin Group to complete the entire mixed-use project. HUD’s 221(d)(4) product enables substantial rehab or construction of multifamily projects with long-term, fixed, low-rate financing.

"The Buccini/Pollin Group is a true visionary developer and Residences at Mid-town Park will be a real watershed for the revitalization of Wilmington’s central business district,” said Mordecai Rosenberg, head of FHA lending at Greystone. “This project will not only help meet Wilmington’s demand for high-end affordable housing, but will also provide the additional parking that is desperately needed  in order to foster the continued growth of small businesses in this burgeoning neighborhood.”

“The vision for Mid-town Park would not have been possible without Greystone’s expertise in HUD financing and the support of all of our local partners, and we are thrilled to move forward with this integral project for Wilmington,” said Robert Buccini, Co-President of the Buccini/Pollin Group.

Greystone, a real estate lending, investment and advisory company, today announced it has provided $49,404,000 in Freddie Mac (OTCQB:FMCC) loans to refinance two assisted living and memory care facilities in Carmichael, CA and Denver, CO. Scott Kavel and Cary Tremper, Managing Directors at Greystone, originated the separate loans.

A $25,154,000 Freddie Mac Seniors loan was provided to Oakmont Senior Living LLC for Oakmont of Carmichael – the 71-unit AL/MC community in Carmichael, CA – and carries a 10-year fixed-rate term with a 30-year amortization. The property is newly constructed and is comprised of a 2-story building located on 2.38 acres. Amenities include a theater room, game room, beauty salon/barber shop and a landscaped interior courtyard with patio.

A separate $24,250,000 Freddie Mac Capital Markets Execution loan was provided to Spectrum Retirement Communities for HighPointe Assisted Living and Memory Care – an AL/MC community with 97 units located in Denver, CO – and carries a 7-year term and three years of interest-only. Amenities of the property include a wellness center, beauty/barber salon, theater, garden and lounges with fireplaces.

“Our sound relationship and experience with Freddie Mac and its products equipped us to provide these clients with financing solutions tailored to their needs in the seniors care industry,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone. "We look forward to continuing our relationship with Freddie Mac and assisting our clients in meeting their future business goals.”

“Having worked with Greystone on many transactions in the seniors housing sector, they consistently exceed our expectations on service and execution,” said Joseph G. Lin, CFO, Oakmont Senior Living LLC.

“Spectrum has over a decade long history with Cary Tremper and is thrilled with the execution from both Greystone and Freddie Mac. Spectrum is proud of our HighPointe community as it serves as a nice representation of us in our hometown of Denver,” said Jeff Kraus, Managing Director, Spectrum Retirement Communities.

$7.5 Million in Fannie Mae Financing Closed in Just 24 Days

 Greystone, a real estate lending, investment and advisory company, today announced it has provided a $7,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS^®) loan to refinance 134 units in an apartment community in Raleigh, NC. The loan, provided to Forest Edge Townhomes, LLC, was originated by Dan Sacks and Elie Gabay.  

The 10-year fixed rate loan for Forest Edge Townhomes includes a 30-year amortization. Forest Edge Townhomes is a fractured condominium property in which the borrower owns 134 of the 138 units.

"The loan structure of this deal represents our tenacity to develop creative financing solutions within clients’ time constraints – this one being closed in less than a month," said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone. “In addition, all of the units in this community have rents affordable to renters earning 80% or less of the area median income which helps meet Fannie Mae’s goal of providing workforce housing.”

 “Greystone’s expertise in Agency loans and their tenacity in executing beyond our expectation made this refinance one of our most satisfying finance experiences to date,” said Josh Lapides, Managing Member, Forest Edge Townhomes, LLC.

Greystone, a real estate lending, investment and advisory company, announced that Avrom Forman has joined as Director of Sales Strategy. In this newly created role, Mr. Forman will serve as a strategic advisor to the FHA origination team, reporting directly to Mordecai Rosenberg, head of Greystone’s FHA lending group. 

Mr. Forman was most recently Chief Executive Officer at Eastern Union Funding, a leading national commercial real estate mortgage brokerage based in New York, where for the past two years, he focused on formalizing a sales structure and helped to increase deal volume from $2.3 billion to over $3 billion for two years in a row. Prior to Eastern Union Funding, Mr. Forman served as both Chief Operating Officer and SVP, Corporate & External Affairs at Vivaro Corporation, a telecommunications company, where he led implementation of operational efficiencies and processes.

“Greystone has set ambitious goals for itself over the coming years. We are not just interested in increasing our production levels – we are looking to totally transform the traditional borrower experience. We want to be poised to provide an unparalleled level of service to our customers and Avrom’s holistic and hands-on approach to sales will be critical in meeting that objective,” said Mr. Rosenberg. “My hope is that Avrom will help us realize the goal of Greystone being the easiest lender in the country to work with, and the easiest lender in the country to work for,” he added. 

“Our industry moves at light speed, and my vision for Greystone’s origination team is to become a scalable, highly adaptable salesforce that can create – and execute on – the right financing solution at the right time for existing and new clients,” said Mr. Forman. 

Mr. Forman added, “As product integration becomes a unifying pillar here at Greystone, with the focus being on what best serves the client, we will be able to amplify our reputation of stellar service and reliable executions.”

Greystone, a real estate lending, investment, and advisory company, announced its Real Estate Advisors group has added a senior team from Denver-based Cambridge Housing Partners. The team specializes in the acquisition and preservation of Low Income Housing Tax Credit and Project‐Based Section 8 communities nationwide, bringing a combined 50 years of experience in successful affordable housing redevelopment activity across more than 25 states. The group’s experience includes managing all aspects of highly complex affordable housing transactions including originations, underwriting, project finance, property management, compliance, financial reporting, construction and resident services.

David P. Garcia, previously Managing Director of CHP, along with former principals Jeff Dean and Zach Chenault, join Aaron Hargrove and Eric Taylor of Greystone, two leading affordable housing investment sales advisors. The addition of Garcia and his team enables Greystone to amplify its industry relationships and acquisitions expertise in complex programs such as 4% LIHTC and tax-exempt bonds; 9% LIHTCs; project-based-Section 8 subsidies; AHP funds; CDBG/HOME funds, state tax credits; S&P rated 501(c)(3) bonds; and direct placement 501(c)(3) bonds, as well as multiple types of credit-enhancements and conventional financing products. Throughout their careers, Garcia, Dean, and Chenault have acquired and developed more than 100 properties totaling 13,000+ units with a value in excess of $1 Billion.

“David and his team have spent the past 15 years acquiring and redeveloping affordable housing from the principal side, optimizing financial structures and analyzing the available subsidies that are necessary to make affordable housing viable. Their experience and the way they view affordable transactions matches that of the top affordable buyers in the country,” said Hargrove, a Managing Director of Greystone’s Real Estate Advisors’ Affordable Housing Advisory Group. “Greystone will now be unique among affordable housing advisory groups by offering crossover expertise in LIHTC and Section 8, in addition to the ability to underwrite transactions as expertly as its buyer pool would,” he added.

“Bringing the former CHP team on board enables us to provide our clients with advisory capabilities that until now only the most sophisticated affordable buyers could provide for themselves in-house,” said Taylor, also a Managing Director of Greystone Real Estate Advisors’ Affordable Housing Advisory Group.

Greystone’s Affordable Housing Advisory Group now has a team with 65 collective years of industry-specific experience and a successful track record of transacting 250+ properties totaling 50,000+ units in 25+ states nationwide. Combined with Greystone’s industry-leading financing and servicing platform, this specialized affordable team is able to provide custom-tailored solutions in disciplines ranging from Investment Acquisitions, Dispositions, Debt Placement, Mortgage Banking, Servicing, to Private Equity alternatives.

“By assembling such a deep and experienced team, Greystone has demonstrated its commitment to becoming the leading affordable housing investment sales and advisory team in the nation. We are prepared to handle the scale and unique expertise that this sector demands,” said Greystone Real Estate Advisors President, Jim McDevitt.