Greystone, a leading national commercial real estate finance company, has provided a $26.7 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the acquisition of a 250-unit multifamily property in Hampton, Georgia. The financing was originated by Richard Kourbage, Managing Director at Greystone, on behalf Atlanta-based Inspired Real Estate Partners (IREP).

Lakeside Villas Apartment Homes, constructed in 2002, sits on 23.09 acres and consists of 13 three-story residential buildings. The property contains one-, two-, and three-bedroom units with amenities including a community clubhouse, fitness center, business center, in-ground swimming pool, pool house, grill stations, playground, dog park, car care area, and covered parking.

The Fannie Mae financing includes a seven-year term at a fixed rate.

“Greystone is both a multifamily finance expert and a local market expert, helping us to navigate interest rate dynamics and a comprehensive underwriting process,” said Jeremy Furman, IREP Co-Founder. “We appreciate the white-glove approach to deal financing, and look forward realizing the potential of this long-term investment.”

“There are multiple options for acquisition financing today with Agency financing, despite recent market volatility, and particularly for value-add properties such as Lakeside Villas,” said Mr. Kourbage. “It was a pleasure working with IREP on their first acquisition as a new company for them, and I congratulate them on this exciting acquisition.”

IREP Co-Founder Brooks Castellaw added, “Lakeside Villas represents our first acquisition since getting started in March 2023. Having owned the asset before, we are very familiar with the property and the submarket. Lakeside Villas fits our business plan of buying well built, suburban multifamily properties in the Sunbelt, with modern floor plans, oversized units, direct access garages and a full amenity set.”

Greystone Monticello, a bridge lending platform intended to serve as a one-stop-shop provider of capital finance products and services for the multifamily and senior housing sectors, has provided bridge financing towards the $150 million acquisition of a portfolio of eight Supportive Living Facilities (SLF) located across the state of Illinois. Greystone Senior Managing Director Eric Rosenstock worked with both the buyer and the seller on this transaction and originated the bridge financing.

The portfolio of eight SLF properties were financed with a two-year bridge loan and are intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 total beds, the facilities are located in Elk Grove, Melrose Park, Country Club Hills, Bartlett, Vernon Hills, and Chicago. 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.

“The Supportive Living Facility program fills a gap in much-needed services for affordable seniors housing in Illinois. Greystone Monticello’s experience in this asset type means our firm is well-positioned to bring together buyers and sellers through creative financing structures and advantageous exit solutions,” said Mr. Rosenstock. “Greystone’s bridge-to-Agency/HUD platform is just one of the many ways we help clients in seniors housing, skilled nursing and supportive living spaces get the most out of their portfolios and provide quality housing solutions to their residents.”

Total Financing Structure Includes $135 Million Senior Loan and $37 Million Mezzanine Loan

Greystone and Affinius Capital LLC (“Affinius Capital”) announced the closing of a $135.0 million mortgage loan in connection with the refinance of Rise Koreatown, a newly constructed, seven-story, Class A, mixed-use residential complex featuring 363 multifamily residences and 47,417 square feet of retail space situated on a 2.26-acre site in the heart of Koreatown, the most densely populated submarket of Los Angeles. The property was developed by Rescore Property Group, a private REIT and affiliate of Encore Capital Management.

The transaction was closed via a syndicated funding by Greystone Commercial Capital, which originates institutional structured commercial mortgage loans including subordinate debt for all major property types, in partnership with Affinius Capital. The financing was comprised of the $135,000,000 first mortgage senior loan in conjunction with a $37,000,000 mezzanine loan provided by a pension fund.

“The bridge loan serves as a construction take-out and features the option of a Greystone permanent Agency financing upon stabilization,” said Scott Chisholm, President and Chief Investment Officer of Greystone Commercial Capital.  “We are excited to both expand our enduring relationship with the Affinius team and, in partnership, serve our mutual client Rescore.”

Affinius Capital Managing Director Tom Burns commented, “I believe Rise Koreatown, which delivered in February 2023, is a high-quality asset that has been well received by the market and is leasing up well. The Koreatown submarket and Los Angeles as a whole have experienced strong rent growth coupled with high occupancy rates. We are pleased to continue our relationship with Rescore.”

Images can be found here.

About Greystone                                                                                                                

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

About Affinius Capital LLC

Affinius Capital (previously known as USAA Real Estate and Square Mile Capital Management) is an integrated institutional real estate investment firm focused on value creation and income generation. With a 40-year track record and $34 billion in net assets under management, Affinius has a diversified portfolio across North America and Europe delivering both equity and credit to its trusted partners and on behalf of its institutional clients globally.  For more information, visit affiniuscapital.com.

Greystone, a leading national commercial real estate finance company, has provided a $42,257,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for a 286-unit multifamily property in Louisville, Kentucky. The financing was originated by Anthony Cristi, Managing Director at Greystone, on behalf of 800 City Apartments LLC.

Constructed in 1963, 800 Tower Apartments in Jefferson County is a 29-story high-rise building offering studios, as well as one- and two-bedroom units. The $42,257,000 non-recourse, fixed-rate financing carries a ten-year term and 30-year amortization, with three years of interest-only payments.

“At Greystone, we work through the nuances of every project to ensure that our clients get financing that helps them achieve their vision for their property,” said Mr. Cristi. “Greystone’s extensive multifamily lending platform and industry expertise means we deliver solutions where others fall short.”

“Our Greystone team’s creativity and diligence resulted in a financing solution that addressed all of our needs,” said Mr. Mordichai Weiss, principal of the borrower. “The experience was exceptional at every phase of the transaction and we look forward to working with them in the future.”

Greystone, a leading national commercial real estate finance firm, announced that John Sloot has joined as a Managing Director in Dallas, Texas. Mr. Sloot will focus on originating multifamily debt solutions across Greystone’s full range of financing platforms including Fannie Mae, Freddie Mac, FHA/HUD, CMBS, bridge, and proprietary loan executions. He reports to Vince Mejia, Senior Vice President of Agency Production at Greystone.

Mr. Sloot brings close to two decades of real estate financing experience to his new role, having focused primarily on multifamily debt executions throughout his career. He joins Greystone from Lument, where his Dallas-based team originated more than $2 billion in debt products during his tenure, receiving several recognitions as the firm’s top production team. Mr. Sloot also has served as Associate Vice President and Portfolio Manager of corporate commercial real estate at Associated Bank, in addition to holding commercial real estate analyst and underwriting roles at AMCORE Bank and MB Financial Bank. He earned his Master’s in Business Administration in Real Estate from Roosevelt University.

“I’m looking forward to leveraging my experience in multifamily as a member of Greystone’s industry-leading team,” said Mr. Sloot. “It’s exciting to be able to access Greystone’s extensive multifamily platform to creatively solve for clients’ financing needs across the capital stack.”

“John brings with him an impressive track record in multifamily loan origination, deep product knowledge and considerable underwriting and structured finance expertise, and we are thrilled to welcome him to Greystone,” said Mr. Mejia.

Greystone, a leading national commercial real estate finance company, has provided a total of $16,497,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) Multifamily Affordable Housing (MAH) loans for the acquisition of a 484-unit affordable housing portfolio in Tennessee. The financing was originated by Dan Sacks, Ilan Bassali, and Avi Kozlowski in Greystone’s New York office on behalf of Vitus Group, LLC.

The Fannie Mae financing includes six separate loans on six multifamily properties located throughout eastern Tennessee. All loans feature five-year terms with three years of yield maintenance, and a maximum loan-to-value of 75 percent. The properties are as follows:

·       Deer Run Apartments, located in Rockwood in Roane County, a 72-unit property built in 2006.

·       Oak Crest Apartments, located in Knoxwood in Knox County, a 72-unit property built in 2007.

·       Northgate Crossing Apartments, located in Hixson in Hamilton County, a 108-unit property built in 2009.

·       Hidden Oaks Apartments, located in Greeneville in Greene County, a 72-unit property built in 2006.

·       Town Creek Village Apartments, located in Lenoir City in Loudon County, a 96-unit property built in 2010.

·       Whispering Meadows, located in Erwin in Unicoi County, a 64-unit property built in 2003.

“We are creative in leveraging our extensive experience and lending platform, as well as our strong relationship with Fannie Mae, so that our clients can achieve their portfolio goals,” said Mr. Sacks. “We’re deeply committed to bringing financing solutions that help our clients provide quality affordable housing for families in communities across the country, aligning with Heritage Affordable Communities’ mission statement,” said Ilan Bassali, Director at Greystone.

“Greystone’s passion for affordable housing was clearly evident throughout every phase of this transaction,” said Mr. Hajibay, principal of the borrower. “From our initial meetings through the final closing, our Greystone team worked to ensure that no detail was unattended and that the entire experience was seamless given the transaction’s complexities.”

“The current market environment is providing unique opportunities in affordable housing in the Tennessee region,” said Vidit Hirani, Associate at Heritage Affordable Communities. “Additionally, our strong partnership with Greystone and their proven track record were instrumental to complete this complex transaction.”