Greystone, a leading national commercial real estate finance company, has provided a $10,377,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the acquisition of a 100-unit multifamily property in Decatur, Georgia. The financing was originated by Dan Sacks, Senior Managing Director, and Avi Kozlowski, Managing Director, in Greystone’s New York office, on behalf of Park Estates FO, LLC. Meridian Capital – New York acted as correspondent.

Constructed in 1985, Park Estates in Dekalb County, is a garden-style apartment community consisting of 13 buildings that offer two-bedroom units. The $10,377,000 non-recourse, fixed-rate Fannie Mae loan carries a five-year term and amortization, with full-term interest-only payments and 4.5 years of yield maintenance. In addition to the acquisition, loan proceeds enable the borrower to make improvements to the property.

“Clients turn to Greystone because we have deep experience and knowledge in the multifamily space that few can match, and our extensive lending platform can meet clients’ needs across the capital stack,” said Mr. Sacks. “We are committed to serving our clients well and work tirelessly to bring the vision for their properties to life.”

“We needed expert guides for this transaction and we were drawn to Greystone because of their exceptional reputation as a multifamily leader,” said Mr. Brian Mallin, principal the borrower. “Our Greystone team outperformed at every stage of the transaction – we look forward to working with them again in the future.”

Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to Building and Land Technology (BLT) in the procurement of $257,240,000 in fixed-rate agency financing for The Beacon, a six-building multifamily complex plus 510-space parking garage located at 20, 24, 44 and 56 Beacon Way and 100, 88 and 126 Clifton Place in Jersey City. The 10-year Freddie Mac financing was provided by Greystone.

A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Alex Lapidus and Mitch Rothstein and a Cushman & Wakefield Capital Markets team of Brian Whitmer, Niko Nicolaou and David Bernhaut represented the borrower in the transaction.  Greystone’s Judah Rosenberg originated the Freddie Mac Optigo® loan, which represented a sizable single-asset financing for Freddie Mac with a highly complex and unique structure.

“The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” said Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live, work, play environment.”  

The Beacon totals six buildings comprising 1,155 units on a 14-acre site. The assets consist of a mix of studio, one-bedroom, two-bedroom and three-bedroom units. One of the largest residential historic rehabilitations in the United States, the gated community features fitness centers, a yoga studio, indoor pool and hot tub, restored Art Deco theaters, children’s playrooms, high-floor sky lounges, numerous dog runs, a playground, a one-acre private park and substantial outdoor space with fire pits and grills.

Situated at the intersection of three of Jersey City’s most populated neighborhoods – Journal Square, McGinley Square and Bergen Lafayette – The Beacon is surrounded by an array of retail, dining and entertainment options. The property is located less than 10 minutes to Jersey City’s central business district via The Beacon’s complimentary shuttle service and allows for a 30-minute commute to Manhattan.

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 approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. 

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. 

Greystone is #1 Fannie Mae DUS® Small Loans and Seniors Housing Lender

Greystone, a leading national commercial real estate finance company, announced it has ranked in the Top 10 of multifamily lenders for 2022 production volume by Fannie Mae and Freddie Mac. Greystone also ranked #1 for all lenders by Fannie Mae DUS® for its Small Loans and Seniors Housing platforms.  

Rounding out its Agency lending performance for the prior calendar year, Greystone ranks in the Top 3 of all multifamily lenders for Freddie Mac Optigo® Small Balance Loans and Freddie Mac Optigo® Seniors Housing Loans, and ranks in the Top 3 for Fannie Mae DUS® Green Financing loan volume for 2022.

“We value our long relationship with Fannie Mae and Freddie Mac, and we appreciate their guidance and partnership as we serve our clients, together, throughout today’s rapidly changing lending environment,” said Rich Martinez, head of Agency production at Greystone. “We look forward to a strong 2023, with a goal to increase lending volume across a variety of Fannie Mae and Freddie Mac products, knowing that their reputation for leaning in during a rising interest environment will be beneficial for our borrowers.”

Greystone also ranks as the #1* multifamily and healthcare lender for HUD-insured loans during its fiscal year ending September 30, 2022.

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.

*For HUD’s 2022 fiscal year. Based upon combined firm commitments of Greystone Funding Company LLC and Greystone Servicing Company LLC. 

Cushman & Wakefield and Greystone jointly announced the firms have closed on the refinancing for Koz on MLK Way, a newly-built, 161-unit multifamily property in Tacoma, Washington.  

Cushman & Wakefield served as the exclusive advisor to an affiliate of Koz Development, LLC in arranging approximately $15.75 million of financing for the multifamily asset. The Fannie Mae DUS® financing was provided by Greystone.

A Cushman & Wakefield Equity, Debt & Structured Finance team consisting of Dave Karson, Chris Moyer, Paul Roeter, John Spreitzer and Jason Blankfein represented the borrower in the transaction.

Greystone’s Michael Zampetti originated the Fannie Mae loan, which is a 10-year, fixed-rate loan, with full-term interest only.

“The Sponsor did an amazing job delivering a product that’s both high quality and affordable in a strong market. As a result, we were able leverage the unique nature of the opportunity to get really advantageous loan terms. The Sponsor and the Cushman & Wakefield team were a pleasure to work with, and I look forward to working with them again soon,” said Senior Managing Director Michael Zampetti.  

Located at 824 Martin Luther King Junior Way, the six-story property consists of a mix of studio, 1, 2 and 3-bedroom units averaging 395 rentable square feet. The property also includes 6,370 square feet of ground floor retail space. On-site residential amenities include a furnished courtyard space equipped with BBQs and lounge seating, on-site and in-unit laundry, and private balconies for select apartments.

The location also provides convenient access to numerous amenities including restaurants, supermarkets, fitness centers, and other retailers, all within a one-mile radius. The property is also two blocks from the new future Hilltop light rail station, connecting to popular Tacoma destinations.

Executive Managing Director Chris Moyer said, “Koz on MLK Way opened in May of 2022 and through robust leasing activity was nearly fully occupied at the time of refinancing. The property represents a high-quality, highly-amenitized, affordable housing community with an urban Tacoma location offering residents a premier live-work-play residential experience with immediate access to major employment centers in downtown Tacoma as well as commuting routes to Seattle in under an hour.”

Moyer continued, “Tacoma’s apartment market has greatly benefited from its position as one of the country’s fastest-growing cities.”

Koz Development is a Washington-based private real estate development and management firm focused on delivering affordable, high-quality multifamily residential properties targeting individuals that make 60-80% of area median income.

Koz on MLK Way is located in an Opportunity Zone.

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 approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. 

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. 

Greystone, a leading national commercial real estate finance company, has provided a $43,238,800 HUD Section 223(f) loan to refinance a 272-unit affordable housing community in Lewisville, Texas. The transaction was originated by Shana Daby, Managing Director at Greystone, on behalf of AMCAL Equities, LLC, a longtime client.

Constructed in 1985, Oak Tree Village Apartments in Denton County consists of 24 garden-style buildings featuring one-, two- and three-bedroom units. The sponsor acquired the property using a Greystone bridge loan. The asset was an existing mixed-income LIHTC/market project outside of its initial 15-year LIHTC compliance period. The project underwent a conversion to the Public Facility Corporation, which involved a partnership with the Plano Housing Authority and a ground lease and regulatory agreement. In the regulatory agreement, the existing LIHTC restrictions were extended to the duration necessary for the project to qualify for a lower annual MIP of 0.35%. In exchange for additional affordability tied to the PFC structure, the property will benefit from a 100% property tax exemption.

The $43,238,800 HUD-insured 223(f) loan carries a 35-year term and amortization along with a low, fixed rate. In addition to extending affordability, the project will benefit from a moderate rehab of approximately $15,000 per unit. 

“Our bridge-to-HUD program enables clients to realize their vision for their properties while pursuing permanent financing,” said Ms. Daby. “We are passionate about helping to provide quality, affordable housing options and work tirelessly to secure the right financing for AMCAL and others that are bringing market-rate and affordable housing to communities like the Dallas-Fort Worth area.”

“Shana and our Greystone team always deliver and execute on solutions that make sense for our projects, at every stage of their lifecycle,” said Stephen Clarke, Vice President, Market Rate and Student Housing for AMCAL Equities, LLC. “We rely on Greystone for their industry knowledge, outstanding service and attention to detail – truly, they are a trusted partner for our business.” 

Greystone’s FY2022 Volume for Multifamily and Healthcare Loan FirmCommitments Totals $3.6 Billion 

Greystone, a leading national commercial real estate finance firm, announced it ranks #1* based on dollar volume of multifamily and healthcare Firm Commitments issued by the U.S. Department of Housing and Urban Development (HUD) for the agency’s 2022 fiscal year ending September 30, 2022. During this period, Greystone originated and obtained Firm Commitments for 177 multifamily and healthcare facility HUD-insured loans totaling $3.6 billion, representing 14.2% overall market share – the largest of such FHA lenders and nearly double the second-highest ranking lender – for HUD-insured multifamily and healthcare loans.

Greystone ranked highest based on dollar volume for Firm Commitments issued under HUD’s multifamily MAP program with $2.88 billion in origination volume for 131 multifamily properties, as well as HUD’s healthcare LEAN program, totaling $676 million in origination volume for 46 healthcare properties, which include skilled nursing and assisted living facilities.

“I want to congratulate our incredible team for their hard work in reaching this achievement and thank our clients for their loyalty and trust over the years, as well as thank HUD for their tremendous partnership,” said Nikhil Kanodia, head of Greystone’s FHA lending group. “Despite the headwinds facing the CRE sector today, we continue to see demand for HUD-insured financing products, and Greystone’s efforts to simplify and speed up the closing of this highly attractive debt financing, as well as adding a short-term bridge solution, has resulted in our consistent leadership position in the market.”