Greystone, a leading national commercial real estate finance company, has provided a $60 million bridge loan for the acquisition of Seaview Estates, a 316-unit affordable housing rental property in Staten Island, New York. The transaction was originated by Miryam Reinitz-Kops of Greystone on behalf of Iris Holdings Group.

The $59,550,000 bridge loan from Greystone features a 24-month term with two six-month extensions and is interest-only. Seaview Estates is a four-building apartment complex that will be preserved by the new owners in order to maintain precious affordable housing stock in New York City. Located near the water, the property includes private, landscaped inner courtyards for residents, as well as a fitness center and laundry facilities. The Greystone team will work with the new owners to transition the property to permanent HUD-insured financing for a long-term mortgage solution.

“Seaview Estates is a unique property in Staten Island, but its most important characteristic is as an affordable housing property providing safe and clean homes to hundreds of residents in NYC,” said Ms. Reinitz-Kops. “It was a pleasure working with IHG’s team on this transaction with a Greystone financing solution as they address the country’s affordable housing crisis.”

"We are proud to be upgrading the Seaview Estates complex to offer long-term housing stability to the residents and community. Preservation of affordable housing stock is essential in a city lacking economical options,” said Marc Blumenfrucht, a partner at Iris Holdings Group. “We look forward to the next step in the process as we pursue HUD financing for Seaview Estates.”

Industry Leaders Bring Together Debt Platforms and Disposition, Acquisition and Portfolio Assessment Services

Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, and Greystone, a leading national commercial real estate finance company, announce they will enter into a strategic joint venture to deliver best-in-class advisory services and capital solutions to existing, joint and new clients of both firms nationwide. Under the terms of the agreement, Cushman & Wakefield will make a strategic investment of $500 million to acquire a 40% stake in Greystone’s Agency, FHA and Servicing businesses. Greystone intends to use the capital to create innovative product offerings which will position the company for future expansion. The transaction is anticipated to close in Q4 2021, subject to customary closing conditions.

Greystone is a top multifamily lender, including bridge, Fannie Mae DUS®, Freddie Mac Optigo®, and HUD, giving Cushman & Wakefield’s client base more direct access to a broad range of debt products for property acquisition, refinancing or substantial rehab / new construction. In turn, Cushman & Wakefield brings a well-established network of advisory professionals in core markets across the U.S., enabling both firms, together, to offer commercial property investors a holistic, one-stop approach.

Cushman & Wakefield’s Chief Executive, Americas, Andrew McDonald, said, “We’re excited to offer a new integrated capability to our investor clients with more direct access to Greystone’s balance sheet and capital solutions, including debt financing with Fannie Mae, Freddie Mac, and HUD. Greystone’s passion and creativity in structuring deals and leveraging its balance sheet for clients are the reasons the firm stands out. This combination will demonstrate how global investors can benefit from two industry leaders providing premier investor services and a seamless, integrated client experience.”

“Greystone’s mission has always been to provide an unparalleled client experience, and this deal truly manifests what we hope to achieve in solving for any need of a commercial property investor,” said Stephen Rosenberg, Founder and CEO, Greystone. “By combining our collective powers and areas of expertise, I believe there is no reason for an investor to search anywhere else for capital and advisory solutions. I’m thrilled by the potential for growth for both Greystone and Cushman & Wakefield as we work together to deliver on our clients’ goals.”

This investment expands Cushman & Wakefield’s presence in the multifamily sector. In early 2020, the firm acquired Pinnacle Property Management Services, LLC, the third-largest multifamily property management firm in the U.S. These investments enable Cushman & Wakefield to provide a complete set of services and expertise throughout every stage of investment in multifamily assets.

“While we are initially focused on the multifamily market, we see sizable growth opportunities ahead in serving clients with capital and services in other commercial asset classes, and I couldn’t be more excited about the potential, and what the future brings,” Rosenberg added.   

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC (GSC), Greystone Funding Company LLC (GFC) and/or other Greystone affiliates. For more information, visit www.greystone.com.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements that reflect the parties’ current views with respect to, among other things, future events and results, which are intended to be covered by the safe harbor provisions for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts, and you can often identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “projects,” “forecasts,” “shall,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based upon the parties’ historical performance and current plans, estimates and expectations in light of information currently available to the parties. The inclusion of this forward-looking information should not be regarded as a representation by us, that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions that could cause actual results to differ materially from those anticipated, including, but not limited to, the risk that a condition to closing of the proposed transaction may not be satisfied, that either party may terminate the Contribution Agreement related to the proposed transaction or that the closing of the proposed transaction might be delayed or not occur at all; potential adverse reactions resulting from the announcement or completion of the transaction; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of operating the joint venture; that anticipated expansion plans do not materialize; and the effects of the transaction in the parties’ operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Additional factors that could cause Cushman & Wakefield’s results to differ materially from those described above can be found in Cushman & Wakefield’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. The parties do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.

NEW YORK, NY (July 1, 2021) – Greystone, a leading national commercial real estate finance company, has provided a total of $15,315,000 in HUD-insured loans to refinance a portfolio of three multifamily properties consisting of 278 units across Connecticut. The loans were originated by Leor Dimant, Managing Director at Greystone.

Each of the non-recourse, permanent FHA loans carries a low, fixed interest rate and 35-year term and amortization. The loans refinance the existing debt on the properties, enabling the borrower to continue with ongoing property improvements. The trio of refinanced properties are located New Britain, Meriden, and Middletown.

“Greystone thrives on exceeding expectations with our extensive lending platform and our commitment to bringing transactions to a quick close in an evolving market,” said Mr. Dimant. “Our clients know that we’ll work hard to help them capitalize on the current low-rate environment and secure HUD-insured financing, and it’s our passion for their portfolio that brings them back again.”

Greystone, a leading national commercial real estate finance and development company, has secured two long-term leases at its mixed-use properties in Park Slope and Harlem in New York City.

At 225 4^th Avenue in Brooklyn, Greystone leased 1,850 square feet to UPS for 10 years, adding a critical amenity for the residents of the 12-story, 63-unit property that was completed in 2018. The building is adjacent to the award-winning restoration of the landmarked 1910 Public Bath No. 7, which is currently leased by Blink Fitness.  

At 69 East 125^th Street in Harlem, Greystone leased 3,500 square feet to Detect, a COVID-19 data collection center. The retail space was previously occupied by the Mike Bloomberg presidential campaign and has also served as a seasonal Ricky’s Halloween pop-up store. Detect is a molecular diagnostics company that provides take-home, rapid COVID-19 tests. 

Both leases were negotiated by Daniel D. DePasquale of Katz & Associates.

“We are thrilled with the addition of UPS in Park Slope and Detect in Harlem – both services that are highly critical to living in New York City today and will provide added convenience to our tenants and the surrounding communities alike,” said Thomas Ryan, head of Greystone Development.

Greystone, a leading national commercial real estate finance company, has provided an $87 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 486-unit multifamily property in Prince Georges County, Maryland. The financing was originated by Dan Sacks and Eric Rosenstock, Managing Directors in Greystone’s New York office, on behalf of Glendale Apartments Properties LLC.

The $87,000,000 Fannie Mae Green Mortgage loan carries a 12-year term, a low fixed interest rate, five years of interest-only payments, and a 30-year amortization period. The Property has received Energy Star Certification for the Green Building Certification. This certification recognizes the top 25% of the most energy efficient buildings within its class.

Originally built in 1968, The Glendale Residence Apartments is a garden-style apartment community in Lanham that offers 486 one-, two-, and three-bedroom units with modern appliances and finishes, in-unit washer/dryers, walk-in closets and private outdoor living spaces. Residents can also enjoy the pet-friendly community’s swimming pool, picnic and playground area, and on-site parking. The property is located near the Greenway Shopping Center Beltway Plaza, and offers convenient access to local schools, employers, shopping and entertainment, as well as to the Goddard Space Flight Center and The University of Maryland.

“There is no greater compliment than when a client comes back to Greystone for another transaction. We value our clients’ trust and work hard to deliver the right financing for the unique particulars of every deal,” said Mr. Sacks. “We couple our deep multifamily lending expertise with our commitment to seamless execution to give clients an unparalleled service experience, one that is truly in a class of its own.”

“Once again, the Greystone team rose to the occasion and delivered exceptional results in remarkably short order,” said Mr. Josh Fink, Vice President of Quantum Equites, LLC “We’ve navigated through so many unknowns over the past year, but there was never a question in my mind that Greystone would be our trusted partner on this deal and many more to come.”

 NEW YORK, NY (April 1, 2021) – Greystone, a leading national commercial real estate finance company, announced that Imran Ahmed has joined the firm as a Senior Managing Director. In this new role, he will focus on expanding Greystone’s corporate finance activities, including development of global corporate and investment banking, and institutional capital relationships which help to power the firm’s growing asset and investment management capabilities and industry-leading lending platform.

A capital markets and investment strategy veteran, Mr. Ahmed was most recently at CBRE Capital Advisors, Inc., the broker-dealer group within CBRE Group, Inc., where he served as an Executive Managing Director within Global Capital Markets. He was previously a Managing Director and Co-Head of Real Estate at KPMG Corporate Finance, Partner and Chief Operating Officer at Ranieri Real Estate Partners, and also served as a Managing Director, Real Estate Investment Banking and Commercial Real Estate Finance at Deutsche Bank Securities. Mr. Ahmed earned an MBA from Harvard Business School, a Master’s degree from Massachusetts Institute of Technology, and Bachelor’s degrees from Cornell University.

“Greystone’s growth over the past few years has been unprecedented, and we look forward to leveraging Imran’s expertise to establish capital relationships that will enable us to continue providing an ever-expanding range of financing solutions for our clients, as well as to help identify corporate investment opportunities in expanding our lending and investment management platforms,” said Mr. Jeffrey Baevsky, Executive Managing Director and Head of Greystone’s Corporate Finance and Capital Markets Group, and to whom Mr. Ahmed reports.