HAND Members to Gain Exclusive Access to Greystone’s Industry-Leading Debt and Equity Platforms

Greystone, a leading national commercial real estate finance company, and Housing Association of Nonprofit Developers (HAND), the U.S. Capital Region’s premier member association advocating for affordable housing production and preservation, have launched Equity in Action, a partnership to increase access to working capital for real estate developers and investors in the Black, Indigenous, Person of Color (BIPOC) community. As part of an exclusive benefit to HAND, BIPOC developers will gain direct access to advisory and financing solutions for affordable housing construction, refinancing, recapitalization, and acquisition, including access to Greystone’s #1 ranked FHA lending platform.

Through education, engagement and regional advocacy, HAND builds the capacity of its cross-sector member collective to support the development of equitable communities for individuals and families at all income levels. As HAND’s first financing partner, Greystone will offer custom solutions for the creation and preservation of multifamily housing and community development projects, accelerating both opportunities and access for HAND’s membership base. Additional benefits to members include strategic CRE portfolio reviews, restructuring advisory services, and expertise on Low Income Housing Tax Credit (LIHTC) and bond financing solutions for affordable housing.

Mid-Atlantic Focus Addresses Immediate Regional Affordability Crisis

According to HAND’s recently-launched Housing Indicator Tool, the D.C. region created only 12% of the new affordable units that the Urban Institute says are needed by 2030 to meet demand.

“Right in D.C., and in surrounding Maryland and Virginia, the affordability crisis has been exacerbated by the pandemic and economic setbacks. Add to this that black and brown real estate developers are still met with the obstacle of basic access to the capital needed to execute their plans to revitalize communities,” said Heather Raspberry, Executive Director, HAND. “We are pleased to partner with Greystone to offer a membership benefit designed to increase opportunities for the BIPOC community as well as increase awareness and education of the options available to the institutional market.” 

“Greystone is executing on its commitment to help reduce barriers to accessing capital for communities of color and beyond, and we are hyper-focused on bringing the benefits of our debt and equity solutions to groups that need them most,” said Steve Rosenberg, founder and CEO of Greystone. “HAND’s membership is aligned with our own mission to preserve and create desperately-needed affordable housing, and we are thrilled to create a direct access point for them to benefit from finance and advisory services to help achieve their goals. We hope this partnership with HAND serves as a model to creating access to financing for other BIPOC commercial borrower communities nationwide.”     

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, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

About HAND

Founded in 1991, HAND is a nonprofit membership association comprised of over 450 organizations working across the private, public and nonprofit sectors to collaborate in the production and preservation of affordable housing in the Capital Region of Baltimore, Washington, and Richmond. Through education, engagement and regional advocacy, HAND builds the capacity of its diverse membership to support the development of sustainable communities for individuals and families at all income levels. Visit www.HandHousing.org to learn more about HAND’s efforts to build vibrant communities across the metropolitan region.

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $30 million HUD-insured construction loan for the development of Mills Creek Preserve Apartments, a new 188-unit multifamily community located in Yulee, Florida. The transaction was originated by Christine Griffin, Managing Director in Greystone’s New York office. 

The $30,091,700 HUD 221(d)(4) loan will fund 85% of total project costs and is structured as a non-recourse, fixed-rate construction loan that automatically converts to a 40-year, fully-amortizing permanent loan upon stabilization. With this green-certified and energy efficient project, the borrower also qualifies for reduced Mortgage Insurance Premium (MIP).

Upon completion, Mills Creek Preserve Apartments will be a gated community of eight garden-style buildings with a mix of one-, two-, and three-bedroom units featuring modern appliances, in-unit laundry and outdoor living space. Residents will enjoy access to a clubhouse and business center, exercise facilities and swimming pool, as well as outdoor recreational facilities and a pet park. The property is in the desirable Nassau County School District, and its proximity to Interstate 95 and State Route 200 provides convenient access to major retailers, restaurants, entertainment and small businesses. It is also near area attractions, such as the Jacksonville Zoo & Gardens, state parks and museums.

“The HUD construction financing is an excellent option for a quality sponsor who is looking for long-term and low-rate financing from the outset of a project,” said Ms. Griffin. “Though each client’s needs may be unique during the development process, at Greystone we strive to deliver the same seamless and best execution experience every time.”

“We are excited that our newest project will bring much-needed multifamily housing to Jacksonville’s growing metro area, and we’re thrilled that Christine and her team at Greystone helped us bring it to life,” said Stefan Davis, principal of borrower Davis Heritage, a well-established commercial real estate firm in North Central Florida. “Greystone has been our trusted advisor throughout every phase of the process so far and we look forward to future projects together.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $6,534,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 100-unit multifamily property in Ohio. The transaction was originated by Jason Yuen in Greystone’s New York office.

The $6.5 million Fannie Mae loan carries a 10-year term with a 30-year amortization, with the first three years of interest-only payments. Located in Marion County, Professional Park Apartments is a garden style, multifamily apartment community consisting of 100 garden- and townhome-style units that span over 7.114 acres.

“We were thrilled to work with The West 5 Group and Jeff Seidenfeld, and we look forward to working with them on future projects,” said Mr. Yuen.

Greystone, a leading commercial real estate lending, investment, and advisory company, provided a total of $62,984,000 in HUD-insured loans to refinance a portfolio of five skilled nursing facilities in Pennsylvania. The transaction was originated by Fred Levine of Greystone on behalf of Maybrook Holdings.  

The FHA loans are all non-recourse, long-term and self-amortizing, and the interest rates are both low and fixed for the life of the loans. The portfolio consists of 622 total beds across the five properties in Easton, Millville, Orangeville, and Stevens, PA, which were originally acquired in 2017.

“We are thrilled that Maybrook Holdings turned to Greystone for their financing needs - it’s a testament to the service we provide and our understanding of the particulars of the skilled nursing space,” said Mr. Levine.

“Our experience with Greystone was, once again, exceptional, and our team secured for us the right financing terms quickly,” said Akiva Glatzer, who with David Gamzeh, operates Maybrook Holdings among other portfolios in the northeast.

Greystone, a leading national commercial real estate lending, investment, and advisory firm, announced it has provided approximately $105 million in total HUD-insured financing to preserve over 480 units of affordable housing in New York City.

Greystone provided a $54,965,400 HUD-insured loan to refinance 31-41 23^rd Street in Astoria, Queens, a 241-unit property spanning nearly 200,000 square feet. Built in 1979, the Catherine Sheridan Senior Apartments is 100% affordable Section 8 housing. The loan was originated by Greystone’s Christine Griffin and Ken Rogozinski.

Earlier in 2019, Greystone provided $50 million in HUD-insured financing for 199 Avenue B in the East Village. The long-term, fixed rate financing preserves affordability for at least the next 35 years for its 91 units, which house residents whose incomes do not exceed 50 percent of Area Median Income (AMI). The complex is a 4 building Section 8 property being preserved as the result of an agreement between owners CDC and LIHC Investment Group, New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corporation (HDC) and the US Department of Housing and Urban Development.

The financing for both assets enable comprehensive, multi-million-dollar renovation plans to be executed, which will preserve the semi-aging properties for long-term habitation at affordable rents. In addition, based on the current value of the assets, the financing packages enable both borrowers to invest in new affordable housing development projects with the proceeds.

“Greystone’s guidance in both preserving our existing affordable housing stock with long-term FHA financing and extracting value from the assets in order to proliferate more affordable housing, was incredibly helpful,” said William N. Hubbard of CDC, the co-owner of 199 Avenue B. “There are many parties involved in making a transaction of this complex nature such a success, and the hundreds of residents are the ultimate beneficiaries of this financing.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided an approximate $37 million Fannie Mae structured adjustable rate mortgage (SARM) loan for the acquisition of a 134-unit seniors housing property in Rocklin, CA. Greystone’s seniors housing finance team originated the loan on behalf of the buyer, Harbert Seniors Housing Fund II, L.P.

Located in the Sacramento MSA, The Pines at Rocklin is operated as an independent living, assisted living and memory care facility and is licensed for a total capacity of 142 residents. Merrill Gardens Senior Living serves as the operator and joint venture partner of the community, which was built in 2015. Greystone’s financing includes a 10-year term with an adjustable rate and five years of interest-only.

“Rocklin and the surrounding area are seeing overall population growth greater than the national average, so demand for this product type in this particular region is strong,” said Cary Tremper, head of Greystone’s seniors housing finance team. “We have truly enjoyed working with Harbert to expand and optimize their portfolio over the years by providing attractive long-term financing for both acquisitions and refinancing.”