Trending Multifamily News
Greystone, a leading national commercial real estate finance company, announced it has arranged a $47 million lease-up bridge loan on behalf of Namdar Group for 28 Cottage, a new 166-unit class-A multifamily property located in the Journal Square neighborhood of Jersey City, NJ. The new loan was originated by Cerberus RE and used to refinance the original construction loan provided by Centennial in 2019. The property commenced pre-leasing in the fall and received its first TCO in December 2021.
The project is located less than one mile from Namar’s recently completed Class-A residential development, MRK at 97 Newkirk Street and adjacent to 618 Pavonia and 26 Van Reipen, two large scale multifamily developments comprised of 650+ units by the sponsor scheduled to deliver in 2023/2024. The project is also adjacent to the planned Homestead Place Extension, which will be a 20-foot outdoor pedestrian-only plaza with an exciting mix of retail and public open areas. In June 2020, the Board of Commissioners of the Jersey City Redevelopment Agency designated Namdar as the redeveloper of multiple tracts along the upcoming Homestead Place extension in the Journal Square neighborhood of Jersey City. The project will benefit from development of Homestead Place and the streetscape improvements that will enhance the live, work, play features of Journal Square. 28 Cottage is designed to appeal to young professional renters by providing a high-quality product that is affordable on a whole dollar basis to competing properties in Jersey City, Brooklyn, and Queens.
The Greystone Capital Advisors team led by Drew Fletcher, Matthew Hirsch, and Bryan Grover served as the exclusive advisor on behalf of Namdar.
“The 28 Cottage transaction is another great example of the tremendously favorable capital markets environment for high quality multifamily assets in strong markets such as Jersey City. The Cerberus execution closed at TCO and allowed Namdar to repatriate substantial equity and lower its borrowing costs, while providing additional time to lease-up and season the asset prior to conversion to permanent financing,” said Drew Fletcher, President of Greystone Capital Advisors.
“This financing is another example of how Greystone is able to deliver creative financing solutions to support our rapidly expanding business. Their deep capital markets knowledge and expertise in the multifamily industry has created tremendous value for our firm,” said Effy Namdar, Founder & CEO of Namdar Group.
Greystone, a leading national commercial real estate finance company, announced it has arranged a $77.2 million loan for a joint venture between Young Companies and Phil Craft. An affiliate of Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, provided the bridge loan to refinance The Rockwell, which was developed by the Young Companies and Phil Craft joint venture.
The Rockwell is a 5-story, 114-unit building with approximately 21,000 square feet of commercial space located in the New Rochelle submarket along North Avenue between the MetroNorth stop and the college district. Young Companies’ CEO, Robert Young, assembled the land over numerous years and collaborated with Phil Craft to build The Rockwell to an unparalleled standard in New Rochelle. The property boasts top-of-the-line apartment finishes; a broad range of amenities, including a gym; on-site parking; and a rooftop terrace and lounge. All the retail space has been leased to CVS, Smokehouse Tailgate Grill, Finish Line PT, and Kung Fu Tea, providing benefits to both the building’s tenants and the community.
The Greystone Capital Advisors’ team of Drew Fletcher, Matthew Klauer, and Jesse Kopecky represented the borrower in arranging the financing, and closed the loan in less than 30 days.
“Greystone Capital Advisors again delivered an excellent execution, and we are very happy to commence a relationship with Cerberus,” said Mr. Young. “The Rockwell is the linchpin in the revitalization of the North Avenue corridor north of Lincoln Avenue (NOLA!), and we look forward to working on future projects with Greystone and Cerberus.”
Mr. Klauer said: “Certainty of execution and expediency were of critical importance to our client. Cerberus, led by Pankil Doshi and Cierra Taylor, remained focused and delivered an efficient closing process, enabling our client to quickly move from term sheet to closing.”
Neha Santiago, Cerberus’ Head of Real Estate Private Credit, commented: “The Rockwell is a high-quality asset in a desirable location supported by robust leasing activity. These attributes coupled with a strong sponsor are what we look for in our partnerships and we are excited to support Young Companies on this property.”
Greystone announced that Adam Lipkin has joined Greystone Capital Advisors as a Vice President. He joins the capital solutions advisory group to leverage his deep capital markets knowledge and experience, including expertise in Commercial Property Assessed Clean Energy (C-PACE), to help craft innovative debt and equity solutions for clients and originate large-loan agency and FHA opportunities within his extensive client network.
Mr. Lipkin has worked in the commercial real estate finance industry for nearly two decades, and joins Greystone from Counterpointe Sustainable Real Estate LLC, a direct lender for C-PACE, where he served as Executive Director. Prior to that role, he was a Vice President at Grandbridge Real Estate Capital where he arranged complex finance structures for CRE. Earlier in his career, Mr. Lipkin worked in capital advisory with HFF and a subsequent boutique advisory team, Olympian Capital Group, that arranged more than $2 billion in senior and mezzanine debt, preferred equity, and joint venture equity. Prior to his advisory work, Mr. Lipkin served at Ernst & Young in the New York Real Estate Advisory Group.
“I’m thrilled for the opportunity to help craft innovative debt and equity solutions as part of the Greystone Capital Advisors team, which has access to an incredible suite of capital solutions,” said Mr. Lipkin. “I’m also excited to bring my expertise in C-PACE, which, as a potentially powerful tool in the capital stack, offers dual benefit to property owners – lower-cost debt as an incentive for energy efficiency, and lower operational costs in the long-term for applying those renewable energy improvements."
"Adam’s deep capital markets knowledge and unique expertise in C-PACE will be an invaluable asset to Greystone Capital Advisors, as we continue to broaden the range of capital solutions available to clients seeking to finance projects in today’s challenging environment,” said Drew Fletcher, President of Greystone Capital Advisors.
Greystone, a leading national commercial real estate finance company, announced today that it has arranged a $143,100,000 permanent loan for affiliate entities of RXR Realty to refinance 475 Clermont, a premier multifamily rental building located at the intersection of Fort Greene, Clinton Hill, and Prospect Heights in Brooklyn, NY. The Greystone Capital Advisors debt advisory team, led by Drew Fletcher and Matthew Hirsch, served as exclusive advisor to RXR. The new 10-year, fixed-rate loan was provided by an affiliate entity of MetLife Investment Management and refinances a $125,000,000 construction credit facility from J.P. Morgan and People’s United Bank that was also arranged by Greystone in 2017.
475 Clermont is a 12-story luxury “70/30” multifamily residential building with 363 residential units, approximately 33,000 square feet of retail, and over 45,000 square feet of parking. Designed by Aufgang Architects & Durukan Design, the property’s residential units feature in-unit washers and dryers, 9- to 11-foot ceilings, private terraces, expansive views of Manhattan and Brooklyn, and kitchens with stainless steel appliances by Beko, Bertazzoni, and Fisher & Paykel. The property’s amenity package includes a business center with meeting room, children’s room with adjacent outdoor play area, state-of-the-art fitness center with outdoor fitness deck, and a roof terrace with lounge areas, fireplaces, outdoor gaming, movie screen, grilling stations, and dining areas. The property also features a landscaped courtyard which boasts a 7-story mural designed and painted by Mona Caron.
“We appreciate our collaborative relationship with financial partners like Greystone,” stated RXR Realty’s President, Michael Maturo. “Their commitment to 475 Clermont – from construction to long-term financing – further supports RXR’s vision and success in creating enduring value to the communities in which we develop and operate.”
“RXR has established itself as one of the premier institutional owners and developers of multifamily housing in the NY Metro Market, and 475 Clermont is another example of the firm’s vision and success in delivering high-quality housing to emerging neighborhoods,” said Drew Fletcher, President of Greystone Capital Advisors. “We are excited to have worked with RXR on this incredible project, beginning with the original construction financing and now again at the permanent financing stage as RXR’s vision for Fort Greene comes to fruition.”
Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced the closing of a $37,050,000 permanent loan made to an affiliate of the Shirian Family’s Lions Group to refinance 14-01 Broadway, a new 82-unit 100% market-rate multifamily rental apartment building located in Astoria, NY. The 10-year fixed-rate Fannie Mae loan replaces a Bank Leumi construction facility.
Family-owned and managed, Lions Group leverages its expertise through acquisition, development, construction and management of residential, commercial, and retail properties. Lions Group currently owns and operates over 1,500,000 square feet of luxury condominium, multifamily, and commercial spaces and has excelled in delivering products to Queens, completing over ten projects in the borough within the last fifteen years. Lions Group is run by Albert, Ramin, Aaron, Jake and Allen Shirian.
14-01 Broadway’s superb location in the Astoria neighborhood bordering Long Island City provides residents with breathtaking views of Manhattan, as well as easy access to the neighborhood’s numerous modes of transportation and wide range of amenities.
14-01 Broadway offers carefully designed amenities for residents intended to enhance the city lifestyle while simultaneously emphasizing relaxation and fun. Residents of the building have access to a state-of-the-art fitness center and sauna. Additionally, there is a 5,000 square foot outdoor lounge on the second floor, as well as a 1,000 square foot landscaped roof terrace, offering 360-degree views of Manhattan and Queens. Residents also have access to a bike room and parking, as well as an on-site Zipcar location.
Greystone Capital Advisors, represented by Drew Fletcher, Matthew Klauer, and Bryan Grover, served as exclusive advisor on the transaction. “Lions Group has been one of New York City’s most active residential developers in Queens with multiple projects delivered or under construction. They have developed thoughtfully-designed, first-class buildings that stand out in their neighborhoods and we are extremely proud to have worked with them on this assignment,” said Mr. Fletcher.