Greystone, a leading national commercial real estate finance company, provided a total of $106,250,000 in Freddie Mac Optigo® loans for the refinance of an eight-property portfolio of senior housing assets located in Tennessee and Kentucky. Neal Raburn, Managing Director at Greystone, originated the Freddie Mac loans for affiliates of Morning Pointe Senior Living. Greystone completed the transaction in 65 days from application to closing.

The Freddie Mac loans for the 576-unit portfolio were executed as fixed-rate, non-recourse financing carrying 10-year terms and 30-year amortizations. The loans featured five years of interest-only payments, as well as the ability to access supplemental loan financing up to 75% LTV. Utilizing Freddie Mac’s Index Lock feature, the client was able to save 90 basis points on the interest rate from the date of Index Lock to the date of closing. 

“We appreciate the 10+ year partnership with the Morning Pointe team,” said Raburn. “They are a best-in-class developer, owner, and operator and we appreciate their trust in us to provide the very best financing for this portfolio.”

“We’re appreciative of the Greystone team’s persistence and hard work to provide this financing,” said Greg A. Vital, president and co-founder of Morning Pointe. “Their team provided us with excellent financing options. We were able to transact on a structure that accomplished our financing objectives with very strong terms.”

The Morning Pointe senior living communities were built between 1997 and 2021, and offer assisted living and memory care services with a variety of unit types. Currently managing 2,110 units in Tennessee; Kentucky; Indiana; Alabama; and Georgia, the Ooltewah, Tennessee-based company brings over 26 years of industry experience.  

Greystone, a leading national commercial real estate finance company, has provided $14,938,000 in bridge financing for the acquisition of a 154-unit multifamily property in Ann Arbor, Michigan. The transaction was originated by Reuben Dolny, Director, and Jason Yuen, Managing Director, at Greystone, on behalf of Cape Sierra Capital.  

Constructed in 2002, Lynden Parke Apartments in Washtenaw County consists of a garden-style building featuring studio, one and two-bedroom units. The $14,938,000 interest-only bridge loan from Greystone carries a 24-month term with one 12-month extension option, enabling the borrower to complete the acquisition and fund capital improvements while Greystone works to secure permanent Agency financing as part of its Bridge-to-Agency platform. 

“Our comprehensive lending platform and deep multifamily expertise means we can deliver the right financing for our clients through every phase of a project’s lifecycle,” said Mr. Dolny. “Greystone’s bridge program is a great fit for those who need a short-term solution while preparing for permanent financing.” 

“We are truly impressed with Greystone’s industry knowledge and attention to detail – the team took care of us every step of the way,” said Mr. David Kamara, Managing Director of Cape Sierra Capital, the borrower. “This is our second transaction in as many years with Greystone. Reuben and Jason were great partners on this transaction and we look forward to working with them again.”

Greystone, a leading national commercial real estate finance firm, announced that its affiliate, Greystone Commercial Mortgage Capital has formed a joint venture with Inlet Real Estate Capital to provide short-term, floating rate capital solutions for commercial real estate owners.

Targeting complex or potentially distressed situations during today’s challenging market, Greystone Inlet Real Estate Capital will provide debt and equity recapitalization solutions for multifamily, industrial, office, mixed use, and other property types, needing additional time and capital in order to execute the business plan and stabilize the property. The joint venture will offer flexible structured capital solutions such as first mortgages, mezzanine loans, preferred equity, common equity investment, or a hybrid of multiple structures. Upon stabilization, the strategic joint venture between Greystone and Inlet will provide Sponsors with direct access to long-term, fixed rate financing through Greystone’s other lending platforms such as CMBS and Agency financing. The joint venture will target transactions ranging in size from $5 million to $50 million on assets located throughout the United States.

Inlet Real Estate Capital was founded in 2021 and is led by Ryan Jantzen and Adam Saltzman. Inlet is a private real estate investment company that focuses on originating and managing first mortgages, mezzanine loans, preferred equity, and other structured credit investments, as well as equity investments, secured by commercial and residential real estate properties. Since forming Inlet, the company has accumulated over $100 million in assets under management. Prior to forming Inlet, Mr. Jantzen was Co-Head of Origination at Ladder Capital and Mr. Saltzman was an Executive Director at Ladder Capital. The duo has over 25 years of combined experience on both the production and credit sides of the commercial and residential real estate business, structuring and analyzing a range of complex transactions totaling more than $7.5 billion during their experiences.

“With a record number of loan maturities expected within the next year, CRE investors and lenders may find themselves in a difficult position to refinance, frequently at less than expected proceeds or less than optimal rates, so we are offering short-term, creative financing solutions to allow borrowers to successfully recapitalize their properties,” said Mr. Jantzen. “This recapitalization strategy is a win-win for both the property owner and the joint venture.”

“Greystone’s broad financing platform is a perfect complement to the Inlet offering, which is also highly flexible, to meet a range of complex and evolving financing needs during a challenging time in the real estate capital markets,” said Mr. Rich Highfield, head of Greystone’s CMBS platform. “With our CMBS platform as an exit option, among others, we have full confidence that this short-term, floating rate solution will give property investors the time and space they need to prepare for a more permanent solution.”

Greystone, a leading national commercial real estate finance company, has provided an $11,750,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the acquisition of a 92-unit multifamily property in Eugene, Oregon. The financing was originated by Tim Thompson, Managing Director in Greystone’s San Francisco office. Mark Paskill from Melvin Mark Capital Group acted as correspondent on the transaction.

Constructed in 1999, Somerset Villas in Lane County is garden-style apartment community with 15 buildings the feature two-bedroom townhouse-style units. The $11,750,000 non-recourse, fixed-rate financing carries a 10-year term and amortization, with full-term interest-only payments.

“Greystone has extensive multifamily lending capabilities and expertise to help clients realize their vision for their multifamily portfolios,” said Mr. Thompson. “We get excited about helping clients find financing solutions that are right for their particular circumstances and are committed to delivering an excellent service experience throughout every phase of each transaction.”

Greystone, a leading national commercial real estate finance company, has provided a $22.6 million HUD-insured 223(f) loan to refinance a 96-unit multifamily property in Shelby Township, Michigan. The financing was originated by Lisa Fischman from Greystone’s New York office, on behalf of Aria of Shelby LLC.

Aria of Shelby in Macomb County is a newly built townhouse-style rental community consisting of 96 two- and three-bedroom units spread across 18 detached, non-elevator buildings. The $22,600,000 non-recourse, fixed rate financing carries a 35-year term and amortization. Additionally, the property secured Green Certification through NGBS. Going green gains Aria a heavily reduced Mortgage Insurance Premium –, an MIP of 0.25% vs. 0.60%. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of the equity in the property.

Notably, the temporary certificate of occupancy (TCO) was awarded for the property in May 2022 and the permanent takeout with HUD closing just four months later. The transaction took full advantage of the recent HUD amendment that allows an application for a HUD 223(f) refinance of a newly built multifamily asset to be submitted after 30 days of a debt-service coverage ratio (DCSR) of 1.18, and the closing is allowed to happen after 90 days of said DSCR.

“Our underwriting team excels in this extensive multifamily lending platform enables us to deliver the right financing for each client’s unique circumstances,” said Ms. Fischman. “We are committed to finding creative, innovative solutions for clients, and work tirelessly to ensure their experience with Greystone is nothing short of exceptional.”

“Our Greystone team was a true partner in this transaction, they understood what we needed and expertly navigated the lending landscape so that we could achieve our goals for this property,” said Ms. Cathy Lombardo, principal of the borrower. “Greystone is truly best-in-class among multifamily lenders.”

Greystone, a leading national commercial real estate finance company, has provided forward commitments for two loans, a $12.361 Freddie Mac 4% LIHTC Tax Exempt Loan and a $2.712 million 9% LIHTC loan, for the development of a 165-unit affordable housing property in Baltimore, MD. The transaction, which is leveraging both 4% and 9% tax credits to finance the development of the property, was originated by Pharrah Jackson-Rowell, Vice President, Greystone in partnership with Bank of America as construction lender, and on behalf of Conifer Realty, LLC, the developer.

Cold Spring Lane is a planned new development located at 3205 West Cold Spring Lane in Baltimore, MD. The property will contain 67 one-bedroom units, 57 two-bedroom units, and 41 three-bedroom units.  Situated in Park Heights, the new property will be fully transit-oriented, located one block away from the Cold Spring Metro Station.  

The construction is being financed by a construction loan from Bank of America, subordinate debt and grants from Community Development Association / Rental Housing Works, Baltimore Regional Neighborhood Initiative Program (BRNI), Project C.O.R.E Grant, and tax credit equity. The forward commitments from Freddie Mac comprise a 36-month period with a 17-year permanent loan term and 35-year amortization.

“We are thrilled to have partnered with Conifer to structure innovative financing for their exciting new affordable housing project in Baltimore,” said Mrs. Jackson-Rowell. “This is an area that is in desperate need of new, quality affordable housing, and Conifer’s commitment to that mission is clear. Bravo to the entire team, including my colleague Chris Wimmer, an integral underwriter on the transaction.”

“Greystone has been a trusted guide in this process, and their expertise on tax credits and affordable housing is second to none,” said Brian Ivy, Vice President, Finance, Conifer Realty LLC. “The team has an exceptional grasp on both financing and market dynamics. We look forward to working together again.”