Greystone, a leading national commercial real estate finance company, has provided a total of $44,200,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) senior proceeds and mezzanine proceeds for the $49,500,000 acquisition of a 344-unit multifamily property in Mount Prospect, Illinois. The financing was originated by Dan Sacks and Eric Rosenstock, Co-Managing Directors at Greystone, on behalf of Bayshore Properties, a longtime client of the firm. 

Constructed in 1973, Mount Prospect Greens Apartments consists of 14 garden-style buildings with one-, two- and three-bedroom units. The first mortgage, a $40,788,000 non-recourse Fannie Mae loan, carries a 10-year term and 30-year amortization along with six years of interest-only payments. The loan also qualifies for Fannie Mae Multifamily Green Rewards financing program, following the completion of energy and water conversation measures.

Greystone also secured for the borrower a $3,412,000 Fannie Mae DUS Lender Affiliate (DLA) mezzanine financing on the property, which includes a 10-year term that is co-terminus with the first mortgage and full-term interest only payments.

“We consider it an honor to serve clients again and again – we view every transaction as an opportunity to provide an even higher quality experience than the last,” said Mr. Sacks. “Clients trust Greystone not only because of our extensive multifamily lending platform or our deep expertise – our demonstrated commitment to executing on their vision is what brings them back.”

“Greystone is the leader in multifamily finance and the partner we lean on for helping us grow our portfolio of properties,” said Mr. Nick Kozul, CEO of Bayshore Properties. “They understand our vision and work tirelessly for us on every transaction, with service and execution standards that no one else can touch.” 

Greystone, a leading national commercial real estate finance company, has provided a $48,000,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) green loan to acquire a 406-unit multifamily property in Okemos, Michigan. The financing was originated by Richard Kourbage, Managing Director in Greystone’s New York office, on behalf of the joint venture between Gray Capital and LRE Management. 

Constructed in 1989, Club Meridian in Ingham County is a garden-style community consisting of 17 three-story buildings with 120 one-, 284 two- and 2 three-bedroom units. The $48,000,000 non-recourse Fannie Mae Multifamily Green Rewards loan carries a 10-year term with full term interest-only payments and 9.5 years of yield maintenance. The financing enables the borrower to make renovations to the property as well as complete the acquisition. 

“We’re committed to securing the right financing for our clients and we have the deep experience and an extensive multifamily lending platform that enables us to do so,” said Mr. Kourbage. “We strive to delight our clients by exceeding their expectations for service and execution on every transaction.”

“Greystone executed beyond our expectations once again, and we are thrilled with the outcome of the financing for this exciting acquisition,” said Mr. Eric Londa, principal of the borrower. “Greystone’s reputation as the leader in multifamily finance is well-deserved and we look forward to continuing our relationship with them as a lending partner.”

Greystone, a leading national commercial real estate finance company, placed a total of $116,000,000 in bank financing to refinance a 383-unit senior housing property in Lincolnwood, Illinois. The transaction was originated by Cary Tremper and Matt Miller of Greystone, on behalf of SBLP Senior Living Fund I.

The Carrington at Lincolnwood is a continuum of care facility in Cook County that offers 251 independent living, 88 assisted living and 44 memory care units. The Class A+ property opened in April 2018, and includes studio, one- and two-bedroom units. Amenities at the pet-friendly property include private dining, two libraries, game room, exercise room, indoor pool, activity room, sports bar, salon, and terraces and outdoor patios, courtyards and walking paths.

“Our team is committed to solving our clients’ capital needs, considering every available option across our extensive platform to find the right fit,” said Mr. Miller. “We are passionate about senior housing and were thrilled to work with sponsors that are dedicated to communities that can offer a superior quality of life and care to this demographic.”

“Greystone was a true partner on this transaction and crafted for us a solution that ensures the success and viability of this property for years to come,” said Patrick McGonigle, CEO of Harbert South Bay.

Greystone, a leading national commercial real estate finance company, has provided $20,661,000 in Fannie Mae Delegated Underwriting Services (DUS®) financing for two multifamily properties in Rexburg, Idaho. The transaction was originated by Lorie Hanson, Managing Director at Greystone.

The 264-unit multifamily portfolio properties are located a half mile apart and serve a student population of BYU-Idaho and residents of Rexburg with a mix of one- and two-bedroom units. Both properties were refinanced with 10-year term Fannie Mae loans from their original acquisition financing secured in 2020.

“Quality housing in Rexburg is critical to the general and student population in the area, as is evident by the 100% occupancy of both subjects, and we are thrilled to have helped the borrower secure this long-term financing solution as they grow and optimize their portfolio,” said Ms. Hanson. 

Greystone Provided $20 Million in Total Financing This Year with Two Transactions for Same Sponsor

Greystone, a leading national commercial real estate finance company, has provided $11,576,000 in HUD-insured financing on a 150-unit, age-restricted affordable housing community in Houston, Texas. The transaction was originated by Michael Zampetti and Kelley Klobetanz of Greystone on behalf of Chelsea Seniors I, LLC. 

Constructed in 2011, Chelsea Senior Community in Harris County consists of five, mid-rise elevator buildings, with 45 one- and 105 two-bedroom units for low-income seniors (below 60% AMI) and extremely low-income seniors (below 30% AMI) over 55 years of age. The property has LITHC land use restriction agreements (LURAs) in place that require limits on tenant income and rent restrictions for all units.

The $11,576,000 HUD 223(f) loan carries a 35-year term and 40-year amortization along with a low, fixed rate. The property qualifies for a lower annual Mortgage Insurance Premium (MIP) of 0.25% because it is rent-restricted. In addition to refinancing, loan proceeds enable the borrower to continue with ongoing property maintenance and monetize a portion of their equity.

“Greystone is deeply committed to helping clients access the right financing so they can provide affordable, quality housing to people of all ages and incomes,” said Mr. Zampetti. “We are able to leverage our position as the top FHA commercial lender to provide solutions to our clients for these critical housing communities.”

“Providing quality affordable housing for seniors in Houston is a priority for us, and our Greystone team made it their priority as well,” said Mr. Cherno Njie, principal of the borrower. “Greystone’s affordable housing and HUD financing expertise and attention to detail were exceptional - we look forward to working with our team again on future transactions.”

In February 2022, Mr. Zampetti and Ms. Klobetanz of Greystone provided $8 million in HUD-insured financing for a 128-unit property, Little York Villas, for the same sponsor.

Greystone, a leading national commercial real estate finance company, placed a total of $23.5 million in bank financing to refinance two senior housing properties in Indiana and Arizona. The separate transactions were originated by Cary Tremper, Tyler Armstrong, and Matt Miller of Greystone, on behalf of Spectrum Retirement Communities.

Lone Mountain is a 50-unit memory care facility located in the Phoenix market, which was refinanced for $11,275,000. The newly-constructed Class A property opened in March 2018, and includes 6 one-bedroom units and 44 studio units. Amenities at the property include private dining, library, game room, exercise room, activity room, computer room, salon, and terraces and courtyard features.

Meadow Brook is a 92-unit assisted living and memory care community located in the Indianapolis market, which was refinanced for $12,250,000. The unit mix at the property includes 68 assisted living units and 24 memory care units, with community amenities including private dining, library, game room, exercise room, activity room, computer room, salon, and a courtyard. The property opened in 2014 and is operated by Traditions Management.

“We take pride in solving our clients’ capital needs through all phases of the property cycle, with many options available today to transition from construction through stabilized financing,” said Cary Tremper, Head of the Senior Housing Capital Markets Team. “It is a privilege for our team to work with quality sponsors, and we are thrilled to have helped Spectrum complete the refinance of these two communities in Indiana and Arizona.”

“Greystone has been truly committed to providing us with the best execution for long-term success of these communities,” said Jeffrey Kraus, Managing Director at Spectrum Retirement Communities.