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Greystone’s Debt Advisory Group Marketed and Secured Bank Financing for Acquisition by Silverback Development and AEW Capital Management
Greystone Development, a New York-based real estate development company, today announced it has sold the residential component of 24-16 Queens Plaza South in Long Island City for an undisclosed amount. Drew Fletcher, head of Greystone’s capital markets advisory team, negotiated the sale on behalf of Greystone Development and arranged the acquisition financing for the purchaser, a joint-venture between affiliates of Silverback Development and AEW Capital Management. The sale closed on January 28th.
The development is currently 60% complete, with Silverback stepping in to complete construction and convert the project from a multifamily rental apartment building into for-sale condominiums targeted to buyers looking to take advantage of the tremendous growth in Long Island City. Mr. Fletcher’s team, including Matthew Hirsch and Matthew Klauer, arranged a $54 million acquisition and construction loan from Benefit Street Partners for the completion and stabilization of the project. The project was grandfathered under the prior 421a tax abatement program, which provides a tax exemption for a construction period of up to three years followed by a 15-year-long tax exemption period post-construction.
“Working on behalf of Silverback and AEW to secure financing for this acquisition has been a pleasure, especially since the asset has been in Greystone’s portfolio since 2016. It’s truly a phenomenal investment with all there is to come for this neighborhood,” said Mr. Fletcher.
“We are thrilled to have taken part in the shaping of Long Island City into a residential destination, and have truly enjoyed the challenges and satisfaction of a conversion from a utilitarian commercial space to a lifestyle oasis that hundreds of residents will call home,” said Thomas Ryan, head of Greystone Development.
Originally acquired in 2016, Greystone completed a significant conversion from an existing five-story Post Office building dating back to 1925 into a 23-story tower with 109 residential units. Greystone worked in collaboration with architectural firm Woods Bagot to design a striking undulating façade that complements the burgeoning Long Island City skyline. Located adjacent to several subway lines, the project offers both convenience and a unique, fluid perspective in a sea of sharp angles, as well as a thoughtfully-designed amenities package.
“The design merges the heritage of the existing building with a contemporary tower above it. With Amazon having now chosen to call Long Island City home, this dynamic mix of historic and forward-looking architecture will be a strong contributor to the neighborhood,” Jeremy Singer, managing principal of Woods Bagot’s New York studio.
Greystone Development, a New York-based real estate development company, and preservation experts Walter B. Melvin Architects, announced that the New York Landmarks Conservancy has recognized the 227 4th Avenue property with the Lucy G. Moses Preservation Award. Named for the late New York City philanthropist, the annual Lucy G. Moses awards are the Conservancy’s highest honors given for outstanding preservation.
In collaboration with Daniel Goldner Architects and preservation consultant Higgins Quasebarth & Partners, Greystone Development and Walter B. Melvin Architects worked to restore the historic facade of neo-Classical Public Bath No. 7 located at 227 4th Avenue. Built in 1910, the building was designed by prolific Beaux-Arts era architect Raymond R. Almirall who gained notoriety for designing several classically-inspired public buildings. The NYC Landmarks Preservation Commission designated the building an individual landmark in 1984, and it was added to the national and New York State Registers of Historic Places in 1985.
Beginning in 2015, the preservation process consisted of the retention and preservation of almost 80 percent of the original glazed brick, limestone and terra cotta façade. Additionally, the intricate and colorful ornamental details, such as the nautical-themed polychromatic glazed terra cotta ornament and elaborate, classically-inspired cornice, were restored and revitalized.
“We are honored to receive this recognition from the New York Landmarks Conservancy, and truly enjoyed being part of the collaborative effort that went into the restoration of this architectural landmark,” said Thomas Ryan, head of Greystone Development. “227 4th Avenue’s beautiful facade will be a reminder of the grand history of Park Slope for many years to come.”
“We are very proud to be a part of Greystone Development’s project team that worked to bring Public Bath No. 7 back to life,” said Alison LaFever of WBMA. “With thoughtful planning, careful workmanship, and effective collaboration, we were able to preserve the architectural character of this exceptional building for Park Slope residents, and New Yorkers everywhere, to enjoy for years to come.”
The 28th annual Moses Awards were presented on May 8 at the annual Lucy G. Moses Preservation Award Ceremony at St. Bartholomew’s Church in Manhattan.
South Florida private direct lender projected to generate $400 million in 2018 deals
ATLANTA, GA – March 9, 2018 – Trez Forman Capital Group completed a $13.5 million construction loan to Greystone Development Partners, LLC. The company plans to develop a 115-unit townhome-style multifamily community with substantial amenities in the Atlanta suburb of Hiram.
For Trez Forman, a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group - one of Canada’s largest private commercial mortgage lenders, the latest transaction continues a busy stretch with numerous closed transactions. The venture is projected to complete more than $400 million in deals in 2018.
The construction loan closed on March 5.
“This is an exciting transaction for us, as Atlanta is a particular area of focus as we pursue new opportunities,” said Brett D. Forman, President and CEO of Trez Forman.
“As a former resident of Atlanta, I am deeply familiar with the strengths of the city and its business community,” said Forman. “Hiram is a suburban area that is experiencing rapid expansion and job growth, which should give this project a competitive advantage.”
Trez Forman provides commercial bridge loans for development and construction and senior stretch financing starting at $5 million. It also offers private and institutional investors equity investment opportunities in a variety of funds and assets.
Last month, the company closed an $85 million construction loan to a Fort Lauderdale joint venture that plans to develop 4 West Las Olas, a riverfront 260-unit luxury rental project with approximately 12,000 square feet of retail and 387 parking spaces.
In December 2017, Trez Forman completed a $74.8 million construction loan to Dallas-based developer Lincoln Property Co. for the 26-story Church Street Plaza project planned for downtown Orlando. That transaction followed a $23.15 million construction loan to Encore Capital Management for the redevelopment of a retail center in suburban Fort Lauderdale, Florida into a mixed-use project.
About Trez Forman Capital Group: Founded in 2016, Trez Forman Capital is a Florida-based commercial bridge lender for development and construction, senior stretch first mortgages and special situations nationwide. It provides developers and property owners with quick approvals on flexible short to mid-term financing from $5M to $75M. The company also offers private and institutional investors equity investment opportunities in a variety of funds and assets. Trez Forman is a joint venture between Brett Forman’s mortgage lending firm, Forman Capital, and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders. For more information, visit www.trezforman.com.