Greystone, a leading national commercial real estate finance company, has provided a $25,251,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 232-unit multifamily property in Covington, Georgia. The financing was originated by Keith Hires and Carter King in Greystone’s Atlanta office, on behalf of Patrician LS, LLC. J. Mark Madderra of Madderra, Cazalot & Head-Metairie acted as correspondent.
Constructed in 1999, Leaf Stone Apartments in Newton County consists of 11 garden-style buildings with one-, two- and three-bedroom units. The $25.2 million non-recourse, fixed rate financing carries a 10-year term and 30-year amortization along with 10 years of interest-only payments. Loan proceeds are being used to pay off an existing Greystone CMBS loan and enable the borrower to monetize a portion of the equity in the property.
“Clients choose Greystone because they know we will help them secure the right financing for their properties, no matter how complex the transaction,” said Mr. Hires. “We’re thrilled that our clients view us as an extension of their multifamily portfolio management team, and we know that our deep industry expertise and our extensive lending platform are what keep them coming back.”
“Our Greystone team raises the service bar higher and higher on every transaction, which has helped us grow our portfolio,” said Mr. Alexis V. Lewis, principal of the borrower and a longtime client of Greystone. “Greystone not only understands our vision for our properties, but they think creatively and offer us new ideas to help us a achieve our goals – there is no reason to partner with anyone else.”
Greystone, a leading national commercial real estate finance company, announced that Michael Afentoullis has joined as a Managing Director in St. Louis, MO. In this role, Mr. Afentoullis will focus on providing capital solutions to multifamily, seniors, self-storage, office, industrial, and retail investors in the Midwest and nationwide. Mr. Afentoullis will also work closely with the Cushman & Wakefield teams in both St. Louis and Kansas City as well as throughout the country.
Mr. Afentoullis brings over 25 years of commercial real estate and multifamily, seniors, self-storage, office, retail, and industrial finance experience to Greystone, with specialized knowledge in Fannie Mae, Freddie Mac, and FHA products as well as bank, life insurance, CMBS, bridge, mezzanine, preferred equity, C-PACE, and historic and low income tax credit financing for both market-rate and affordable housing, as well as expertise in direct funding sources for a variety of CRE assets.
Prior to joining Greystone, Mr. Afentoullis was a Senior Vice President and Managing Director of Capstone Financial (later part of CBRE Debt and Structured Finance) and a Vice President at Northmarq Capital and has placed over $1 billion in debt and equity transactions in his career. In previous roles, Mr. Afentoullis served as a sales broker at Colliers Turley Martin Tucker and as an Asset Manager at Principal Financial Group and Vice President of participations at a small Midwest-based bank.
Mr. Afentoullis holds a Bachelor’s degree from Truman State University, an M.B.A. from St. Louis University’s John Cook School of business, and a J.D. from St. Louis University.
Mr. Afentoullis will work within an agency lending team headed by Vince Mejia, Senior Vice President, Agency production at Greystone. “Michael’s expertise in all aspects of commercial real estate and multifamily financing and deep relationships across the CRE industry will serve as a core asset to Greystone as we strive to serve clients in a range of capital markets needs,” said Mr. Mejia. ‘We are thrilled to have him help build out our capabilities and reach in the Midwest and beyond.”
Greystone, a leading national commercial real estate finance company, announced that Lance Wright has joined as a Managing Director in Dallas, TX. In this role, he will focus on the origination of multifamily and commercial real estate loans across the United States. Mr. Wright will report to Vince Mejia, Senior Vice President of Agency Production.
“I am excited to join the Greystone team and have access to not only all of the Agency lending programs but also the full array of Greystone products including bridge lending, mezzanine financing and CMBS,” said Mr. Wright. “Greystone has a best-in-class services platform and I am looking forward to being able to work with my clients to deliver them such a broad range of financial solutions.”
Prior to joining Greystone, Mr. Wright was a Managing Director at Lightstone Capital Group where he led the originations efforts across the Central and Southeast Regions. Prior to Lightstone, Mr. Wright opened the Dallas office for ACORE Capital in 2015 and worked there for five years overseeing the origination and underwriting efforts for the Central Region where he closed over $4 billion of debt volume through 2020. Prior to ACORE, Mr. Wright worked at GE Capital Real Estate/Heller Financial for over 18 years from 1997 to 2015 holding multiple positions including Regional Director where he oversaw the origination efforts in the Central Region of the United States. Mr. Wright was consistently one of the top producers in the US for GE Capital Real Estate and closed over $10 billion of debt volume while working there.
Mr. Wright is a native Texan and earned a Bachelor’s degree from Southern Methodist University and an MBA from the University of Texas, Arlington. In 2008, Mr. Wright was named one of the “20 Rising Stars in Real Estate” by Institutional Investor News.
“Lance’s broad industry experience and ability to maintain strong relationships with clients will be a valued asset to the firm as we continue to expand. The addition of this great new talent will be beneficial for both Greystone and our growing joint venture with Cushman & Wakefield,” said Mr. Mejia.
Greystone Affordable Development, a national affordable housing developer, has been recognized yet again by the Council for Affordable and Rural Housing (CARH) as the top rural affordable housing developer for 2022. Greystone has achieved CARH’s top ranking for developers of affordable rural rental housing six times since 2015.
Greystone Affordable Development assists owners and property developers as they add to the nation’s affordable housing stock with their expertise in development management, construction and complex finance structures. The group creates strategic partnerships with nonprofit and for-profit owners, operators, developers of affordable housing as well as public entities to achieve their housing goals. The team, led by President and CEO Tanya Eastwood, brings deep expertise in Low Income Housing Tax Credits, tax-exempt bonds, and government-backed funding available to help create and preserve thousands of affordable homes every year.
During the past year, the group helped to develop 770 units across 30 properties, adding to its total of over 14,750 units with an additional 8,300 units in various stages of completion across 13 states plus Puerto Rico.
“We are passionate about addressing our nation’s shortage of affordable housing in our most vulnerable communities and are committed to doing our part to close the gap,” said Ms. Eastwood. “We are honored to be recognized again by CARH, a respected and powerful advocate for affordable housing, for our role in bringing safe, quality affordable housing to rural communities, which are particularly impacted during times of economic uncertainty.”
Greystone, a leading national commercial real estate finance company, has provided an $11,044,000 Fannie Mae Delegated Servicing and Underwriting (DUS®) loan to refinance Broadway Park Apartments, a 224-unit multifamily property in Houston, Texas. The financing was originated by DJ Elefant, Vice President in Greystone’s New York office, on behalf of Broadway Park-SI, LLC. Bolder Capital served as the debt broker in the transaction. Dan Gillard and the team in Greystone’s Philadelphia office supported Mr. Elefant in closing the transaction.
The $11 million fixed-rate, non-recourse loan includes a 10-year term and 4 years of interest-only. The community is comprised of 108 one-bedroom units, 112 two-bedroom units, and four three-bedroom units spanning approximately 166,792 square feet. Originally acquired in 2019, the current owners have invested over $2.5 million in capital improvements to both the interiors and exterior of the property, significantly upgrading the 1960’s vintage property.
“Once again, the borrower did an incredible job upgrading the property and executing on their gameplan,” said Mr. Elefant. “We were able to get Fannie Mae to really lean in on this one and provide great terms considering the interest rate environment we have been in the past few months. We are thrilled with the outcome for our client and look forward to working together again.”
“As a repeat Greystone client and Fannie Mae borrower, we know what to expect, but today’s market can throw any property investor for a loop,” said James Shahda, principal of the borrower. “We are thankful to have our Greystone team ready to navigate the changing waters and work on our behalf for the best outcome.”
Greystone, a leading national commercial real estate finance company, has provided a $15,340,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan to refinance a 103-unit multifamily property in Fall River, Massachusetts. The transaction was originated by Shana Daby, Managing Director at Greystone, on behalf of Mechanics Mill Two, LLC. Michael Corso of Kingston Capital provided Historic Tax Credit (HTC) and debt advisory services for the transaction.
Built in 1880s as a cotton mill, Commonwealth Landing in Bristol County was acquired by its current owner in 2016 and converted into a mid-rise apartment community. The fully renovated property, which is on the National Historic Register, consists of 63 one-bedroom, 35 two-bedroom and 5 three-bedroom units, and was financed with Federal and State HTC.
The non-recourse, fixed rate $15.3 million Fannie Mae loan carries a 10-year term and a 30-year amortization period, as well as three years of interest-only payments and a 54% loan-to-value (LTV). In addition to refinancing, the property achieved a Green Globes certification and was able to monetize a portion of their construction period equity.
“We were thrilled to help our client navigate the complexities of a master lease structure associated with the Historic Tax Credits with Agency financing through Fannie Mae for this historic property that today provides housing to many in the community,” said Ms. Daby. “Our deep experience in multifamily, coupled with our extensive lending platform, means we can deliver the solutions our clients need for the unique properties in their portfolio.”
“Greystone was committed to understanding the nuances of this property and financing structure and the result was that we got the financing terms we desired,” said Mr. Anthony F. Cordeiro, principal of Mechanics Mill Two, LLC. “Shana and her team shared our vision for this property and worked tirelessly to get this deal done seamlessly and quickly – we look forward to working with them on future projects.”
