Trending Multifamily News
Greystone, a leading national commercial real estate finance company, placed $15,000,000 in financing for a 152-unit senior housing property in Everett, Washington. The transaction was originated by Tyler Armstrong of Greystone, on behalf of Lytle Enterprises, LLC.
Washington Oakes in Snohomish County consists of studio, one-, two- and three-bedroom units and offers independent living and assisted living services, with Leisure Care, LLC, serving as property manager. The non-recourse, fixed rate $15 million loan provided by a life insurance company carries a 7-year term and 30-year amortization, with 60% loan-to-value (LTV). In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property and continue with ongoing maintenance.
“Greystone is committed to bringing valuable financing solutions to our clients that fit their strategic objectives,” said Cary Tremper, Head of the Seniors Housing Capital Markets Team. “Our lending relationships allowed our client to receive favorable terms from the market with a quick close.”
“Greystone was a true partner in bringing this transaction together,” said Ms. Jill Ashton, principal of the borrower. “Their depth of relationships in the space and continuous efforts to find the right financing solution for our communities are very much appreciated. We count Cary and his team as partners and look forward to working together again in the future.”
Greystone Provides $33.7 Million Fannie Mae DUS® Loan to Acquire Multifamily Property in Jonesboro, Arkansas
Greystone, a leading national commercial real estate finance company, has provided a $33,717,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the acquisition of a 324-unit multifamily property in Jonesboro, Arkansas. The financing was originated by Eric Rosenstock and Dan Sacks, Co-Managing Directors in Greystone’s New York office, on behalf of CLK Properties.
Constructed in 2011, Willow Creek Apartments in Craighead County consists of 12 garden-style buildings with one-, two- and three-bedroom units. The $33.7 million non-recourse Fannie Mae Green Mortgage loan carries a 10-year term and 30-year amortization along with full-term, interest-only payments. The property has received Energy Star Certification for Fannie Mae’s Green Building Certification, which recognizes the top 25% of the most energy-efficient buildings within its class.
“We work hard to earn our clients’ trust on every transaction, so there is no greater ‘vote of confidence’ than when a client comes to Greystone for help in financing additions to their portfolios,” said Mr. Rosenstock. “We couple our extensive expertise in multifamily lending with a deep commitment to serving clients well for an experience they won’t get anywhere else.”
“Our Greystone team truly understands the nuances of multifamily financing, which benefits us not only at closing but at every stage of the transaction,” said Mr. Craig Koenigsberg, CEO of CLK Properties and a valued client of Greystone. “Greystone is our trusted partner because they believe in our vision for each of our properties and then work tirelessly to help us make the vision a reality.”
The Willow Creek Apartments sale was brokered by Aaron Jungreis and David Wildes of Rosewood Realty Group. “The completion of this transaction further highlights the success of Rosewood and Greystone’s correspondent relationship and I’m happy to add this to the list of wins,” added Mr. Jungreis.
Greystone Provides $49.7 Million in HUD-Insured Financing for Multifamily Property in San Antonio, Texas
Greystone, a leading national commercial real estate finance company, has provided a $49,680,000 HUD 223(f) loan to refinance a 360-unit multifamily property in San Antonio, Texas. The financing was originated by Reuben Dolny, Director at Greystone, on behalf of The Bascom Group, a repeat client of the firm.
Built in 2001, The Anthony at Canyon Springs in Bexar County consists of 37 garden-style buildings with one-, two-, three- and four-bedroom units. Amenities include a beautiful clubhouse, resort style pool, tennis court, exercise room, sauna, movie theater, and putting green. The $49.7 million HUD-insured loan carries a 35-year term, 35-year amortization and a low, fixed rate. The property also qualifies for a 35-basis point reduction in Mortgage Insurance Premium (MIP) for achieving green standards. The class A property will go through an interior and exterior renovation plan, and the tenants will not only benefit from the renovations, but will also see a reduction in utility consumption.
“We are thrilled to work on another HUD loan for The Bascom Group and are delighted to get them the proceeds and terms they needed in order to set the property up for continued long-term success,” said Mr. Dolny. “We strive to earn our client’s trust in each new transaction by coupling our deep lending platform and multifamily capabilities with exceptional service and care.”
“It’s no secret that we value Greystone’s guidance and expertise in multifamily financing – it’s why we first turned to Reuben and his team to finance this property in 2014 and now we are able to reinvest in the property,” said Mr. Jerry Fink, Managing Partner at The Bascom Group. “On every transaction, our Greystone team is responsive, tenacious and committed to a level of service and execution that surpasses anyone else. We view Greystone as a true partner and look forward to working with our team again.”
“It was a pleasure working with Reuben and his extensive support team to close this phenomenal new loan on desirable terms. Greystone’s expertise is invaluable, and this new loan allows us to position the asset as best-in-class for many years to come,” added Mr. Tony Ferrell, Senior Principal of Operations for The Bascom Group.
Greystone, a leading national commercial real estate finance company, announced that Catalina Consuegra has joined the firm as a Vice President of Diversity, Equity & Inclusion, reporting to Pranika Sinha, Managing Director and head of the firm’s DEI strategy and efforts. Ms. Consuegra brings over a decade of experience in implementing DEI strategy cross-functionally and executing successful social impact initiatives.
Joining Greystone from EDP Renewables North America in Houston, TX, where she served as an Equity, Diversity & Inclusion and Relationship Management Associate, Ms. Consuegra brings a focus on inclusion practices and critical metrics to measure progress in recruitment and retention. In her new role at Greystone, she will develop and manage DEI plans across the firm’s business lines, lead training sessions and contribute to leadership development as the firm works to achieve its DEI goals.
“Greystone’s efforts in all areas of DEI have pushed forward our progress, and I am so thrilled that Catalina will be able to take our plans to the next level,” said Ms. Sinha, who joined the firm to lead DEI in 2021. “We have embarked on a number of parallel journeys with DEI as the catalyst, such as launching employee resource groups and our growing partnership with Project Destined, and we are excited to have Catalina pioneer new initiatives that will help grow diversity at Greystone while also increasing opportunities for underrepresented communities as a result.”
Prior to her role at EDP, Ms. Consuegra was Founder and Director at Ducere Training LLC, and served as a Senior Diversity & Inclusion Advisor for Anadarko Petroleum Corporation, as well as other roles in human resources and business services. She earned a Bachelor’s Degree from Rosario University in Bogota.
Former Fannie Mae Veteran to Manage Multifamily Client Relationships and Teams; Foster Continued Growth of Industry-Leading Platform
Greystone, a leading national commercial real estate finance company, announced Vince Mejia has joined the firm as Senior Vice President, Agency Production. In this management role, he will focus on leading the continued growth of conventional multifamily loan products for both the Fannie Mae and Freddie Mac platforms.
Prior to joining Greystone, Mr. Mejia was a Director of Multifamily Customer Account Management at Fannie Mae in its Multifamily division. During his 10 years at the GSE, he oversaw customer relationships and production for Fannie Mae’s Delegated Underwriting & Servicing (DUS) lenders, and also handled structuring and negotiating of conventional and affordable multifamily loans. Mr. Mejia holds a Masters of Land Economics and Real Estate and a Bachelor of Business Administration in Finance & Marketing from Texas A&M University.
Based in Plano, Texas, Mr. Mejia reports to Chip Hudson, co-CEO of Agency Lending at Greystone.
“Vince’s stellar reputation as a trusted multifamily client manager precedes him, and we are thrilled he has joined Greystone for the benefit of our existing and prospective clients,” said Mr. Hudson. “Greystone is experiencing immense growth, and as we seek to retain our leadership position as a Top Agency lender, Vince brings a unique perspective to the firm that will be an asset to our team.”
Greystone Teams Up with Joint Venture Partners Greystone Monticello and Cushman & Wakefield on Five-Property Affordable Housing Portfolio Transaction
Greystone, a leading commercial real estate finance firm, announced it has closed $67,450,000 in bridge financing secured by a portfolio of five (5) multifamily properties on behalf of Conquest Housing and BLVD Communities, the Sponsor. The refinancing transaction, which was brought to Greystone by Cushman & Wakefield, and funded by a Greystone Monticello affiliate, comprises a 619-unit portfolio of Section 8 HAP properties across various states including New Jersey, Arkansas, Ohio, and Wisconsin.
Greystone’s loan origination team was headed by Eliav Dan, Gary Stellato, and Max Spelling, and the Greystone Monticello financing team was comprised of Alan Litt, Tom Lally, Joseph Borenstein, and Jonathan Cohen. The Cushman & Wakefield team was led by Rob Rubano, Marc Renard, Keith Padien, Brian Share, Joseph Lieske, and Ernesto Sanchez.
The portfolio of affordable housing includes five suburban, garden-style multifamily communities built between 1960 and 1987 in such markets as Toms River, NJ; Toledo, OH; Maurnelle, AR; and Milwaukee, WI.
“It was a pleasure working with the Sponsor, alongside our partners at Cushman & Wakefield and Greystone Monticello, to deliver a seamless execution during an otherwise volatile market,” said Mr. Dan, Senior Managing Director at Greystone. “This transaction exemplifies the synergies of our recently closed Cushman & Wakefield Greystone joint venture, whereby we can offer our clients a full suite of financing products and solutions, unparalleled capital markets expertise, and sales / advisory services. I’d like to specifically thank Rob’s and Jon’s teams for their commitment to client excellence, as we continue to provide institutional quality solutions to the commercial real estate capital markets.”