Greystone Monticello, a bridge lending program serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, has closed a $16,670,000 bridge loan for the acquisition of a seniors housing property in Illinois. The financing was originated by Karina Davydov, a Managing Director for Greystone Monticello.

The property comprises independent living, assisted living and memory care units. The bridge financing closed by Greystone Monticello carries a two-year term with two six-month extensions.

“We are excited to deepen our relationship with a top-notch regional operator as it expands its footprint in the Midwest market,” said Ms. Davydov. “Greystone Monticello prides itself on its ability to provide custom solutions in the ever-evolving capital markets. Another successful execution by the team is a testament to our efficiency, sophistication, and commitment to our clients.”

“The Greystone Monticello bridge platform is certainly ideal for seniors housing operators looking to transact during times of transition in the market, and we look to exceed their expectations over the long term,” added Joseph Borenstein, head of the healthcare sales desk at Greystone Monticello.

Greystone, a leading national commercial real estate finance company, announced that Alex Chang has joined the firm as a Senior Managing Director. In his new role, Mr. Chang will focus on a number of initiatives, including the firm’s bridge lending capabilities through Greystone Monticello as well as expanding the firm’s bank and alternative capital relationships. Primarily based in New York, Mr. Chang reports to Debby Jenkins, co-President of Greystone’s lending business platforms.

Bringing over 20 years of commercial real estate experience spanning Agency, CMBS, mezzanine, bridge, and loan securitization executions, Mr. Chang was most recently focused on bridge-to-Agency opportunities at PGIM Real Estate. Prior to that role, he spent over 13 years at Freddie Mac Multifamily, where he oversaw the credit quality of more than $500 billion in securitizations, structured and approved complex transactions, and was responsible for the credit policies governing all multifamily products. Earlier in his career, Mr. Chang also spent time at Mezz Cap and Bear Stearns. Mr. Chang earned a Bachelor’s degree from University of Virginia and a Master’s degree in finance from American University.

“Alex’s deep expertise across CRE debt, securitization, and capital markets areas is incredibly valuable, and I am thrilled to have his level of proficiency here at Greystone as we continue to refine and build out our bridge and alternative capital platforms,” said Ms. Jenkins.

“Greystone’s business lending platforms, collectively, are something quite unique, and I know with the great people at Greystone and Debby’s leadership that the growing structured capital solutions team will be a driving force for liquidity, efficiency, and customer experience across all segments of the CRE lending market,” added Mr. Chang.

Greystone Monticello and Cushman & Wakefield jointly announced today that the firms provided financing for, and represented the buyer of, respectively, a two-property portfolio of build-to-rent multifamily communities in Phoenix, Arizona. 

Jeems Lochridge of Cushman & Wakefield represented Balfour Pacific Capital and Stone View Holdings, the joint buyers and co-General Partners in the transaction, and Greystone’s Dale Holzer of Greystone originated the loan through Greystone Monticello. In the transaction led by Chris Hetzel, Greystone Monticello provided a two-year $37,250,000 bridge acquisition loan to allow for lease-up and stabilization of the portfolio.

The two-site portfolio, Stone View on Central and Stone View on 7^th, consists of build-to-rent, entry-level communities totaling 123 homes. The properties are developed to modern new-home construction standards with each townhome-style unit featuring quartz countertops, stainless steel appliances, en-suite laundry, and select units have two-car attached garages. All units are individually metered for electricity, water, and trash services and individually platted with their own addresses.

“The demand for build-to-rent assets in the Phoenix MSA remains robust, both from the investor standpoint and the renter. Build-to-rent properties provide a desirable option for renters looking for the comforts of a home who are priced out of the home buyer market. The partnership between Stone View Holdings and Balfour Pacific identified the opportunity to provide much needed infill housing to meet this renter demand,” said Jeems Lochridge, Managing Director, Cushman & Wakefield.

“The build-to-rent asset class is a promising investment class for the multifamily sector, having shown growing strength in demand over the last several years,” said Mr. Holzer. “Greystone strives to offer a broad range of financing options that can satisfy a number of client needs, and we are thrilled to provide this build-to-rent acquisition financing solution with Greystone Monticello.”

“The successful execution of the financing is a testament to our strong relationship with Greystone Monticello’s Chris Hetzel,” said Bruce Rudichuk, Balfour’s Head of Multifamily, adding, “The bridge financing is a perfect solution for our lease-up period, and we are excited to explore permanent exit options with Greystone.”

David Shlomi, Principal of Stone View Holdings added, “It was a pleasure working with the teams on this portfolio acquisition in Phoenix, which is a market we are very optimistic about.”

Greystone Monticello, a bridge lending program serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, has provided a $36,300,000 bridge loan for a 226-unit student housing property in Bloomington, Indiana. Greystone intends to transition the property to a permanent exit with an innovative HUD-insured green financing.

The financing was originated by Michael Zukerman and Adam Lipkin of Greystone, a leading national commercial real estate finance company. 

“Greystone clients benefit from our commitment to continuous innovation on their behalf, which is needed more than ever in today’s challenging capital markets. As a result, we were able to provide a unique and seamless non-recourse bridge-to-perm financing solution that was more advantageous over options in the market,” said Mr. Zukerman.

“The Greystone Monticello team is highly skilled and efficient -- we pride ourselves on creating value for our clients on every transaction,” added Eric Baum, head of the multifamily sales desk at Greystone Monticello.

Reimagined Packard Car Company Warehouse Includes 18% of Units Reserved for Affordable Housing

Greystone Monticello, a bridge lending platform serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, provided a $12,165,000 bridge loan to refinance Packard Lofts Apartments, a mid-rise loft-style multifamily property located Boonton, New Jersey. The financing was originated by Eliav Dan, a Senior Managing Director at Greystone.

Packard Lofts Apartments is a 65-unit building originally constructed in the 1880s and utilized as a warehouse / distribution center by Packard Car Company in the 1950s. The property was then acquired in 2019 and converted to a loft-style residential building that includes community amenities such as a fitness area, storage, parking spaces and landscaping. The newly completed property has 12 units, or 18% of the total, reserved for affordable housing, as part of the New Jersey’s Fair Share program.

“We are proud to offer solutions such as attractive, non-recourse bridge-to-agency lease-up financing, enabling our client to ‘one stop shop’ the loan throughout the lease-up process, and ultimately get on the path to a stabilized Agency execution with minimal friction costs,” said Mr. Dan.

“We are thrilled to have worked together on this transaction, which will provide much-needed affordable housing to the Boonton market,” added Eric Baum, head of the multifamily sales desk at Greystone Monticello. “Our collaboration with Greystone ensures a seamless experience for property investors.”

Greystone Monticello, a bridge lending platform serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, provided a $60,250,000 bridge loan and an $8,000,000 mezzanine loan to refinance The Irby, a Class-A multifamily property located in the Buckhead submarket of Atlanta, GA, and owned by an affiliate of Lone Star Funds, a leading private equity enterprise. The financing was originated by Greystone Commercial Capital, a division at Greystone that focuses on institutional structured lending.

Developed in 2020, The Irby is 12 stories high with 277 residential units (studio, 1-bedroom, and 2-bedroom layouts), 15,000 square feet of retail, and 132 parking spaces. Amenities at the property include a resort-style saltwater pool, elevated courtyard with fire pit and grilling station, private cabanas, 24-hour athletic club & yoga studio, complimentary wine on-tap, sauna, media & game room, on-site pet spa, bike room & repair station, Peloton bikes, high-rise lookout terrace, 24/7 concierge, a curated art program, and more. A bustling professional, shopping, and cultural hub, Buckhead is a growing intown market in Atlanta experiencing steady population growth of 8.7% over the past five years.

“It’s a true testament to the strength of the Greystone Monticello joint venture that the team sprang into action and worked closely to execute this financing to meet the client’s needs,” said Scott Chisholm, head of Greystone Commercial Capital. “Having the bridge financing team so close at hand to work together on large-scale transactions means that our clients have numerous options for financing as they weigh permanent exit options, and this bridge solution was no exception.”

“The Greystone Monticello team is highly skilled and efficient, creating value for our clients every step of the way. This execution shows the true benefits of the Greystone Monticello joint venture,” added Eric Baum, head of the multifamily sales desk at Greystone Monticello.