Greystone, a leading national commercial real estate finance company, has provided a $32,000,000 Commercial Mortgage Backed Security (CMBS) loan to refinance a 90-unit affordable housing property in Brooklyn, New York. The financing was originated by Avi Lifshitz and Aviel Hematian of Greystone. Rose Schwartz and Gabby Gutwein of Everest Equity acted as correspondents on the transaction.

Constructed in 2023 and located in the Clinton Hill neighborhood of Brooklyn, 58 Vanderbilt Avenue is a high-rise apartment building featuring studio-, one- and two-bedroom units. The property’s amenities include a rooftop terrace, business center, recreation room, and bike storage lockers. In addition, there are two commercial units on the ground floor of the property. The first mortgage, provided at 51% loan-to-value, includes a five-year term with a 30-year amortization period.

“It is our mission to find the best financing solution for our clients, and thrilled that we were able to execute on a loan for this critical affordable housing in Brooklyn,” said Mr. Lifshitz. “Greystone is committed to preserving the affordable housing that exists across our country – we leverage our deep expertise in multifamily and tap into extensive lending platform for all the properties in our clients’ portfolios.”

After a quarter of a century providing best in class commercial real estate management services to the public sector, Greystone Management Solutions is rebranding as the Greystone Real Estate Advisory Group, effective today. This new identity reflects the division’s expanded services and resources it has provided to clients since its establishment in 1999.

As the Greystone Real Estate Advisory Group, the team’s mission remains unchanged: providing private sector real estate expertise, in a public-minded way. Since its founding, the group has evolved from managing public real estate portfolios to establishing itself as a full-service firm providing a broad array of real estate consulting services to its clients. These services include Transit Oriented Development advisory, public asset disposition and acquisition services, transaction analysis and financial modeling, brokerage, strategic planning, insurance compliance, construction management, accounting, and disposition administration services.  

“Over the past 25 years, we have been fortunate to serve as trusted advisors to major public agencies throughout the United States,” said Charles Di Maggio, CEO of the Greystone Real Estate Advisory Group. He continued, “Our newly reorganized team and expanded services reflect the reasons our clients increasingly turn to Greystone Real Estate Advisory Group to leverage our nationwide resources including development advisory, affordable housing solutions, valuation, brokerage, right-of-way agreement management, and customized IT solutions to maximize revenue and efficiencies of public real estate portfolios.”

Bolstered by Greystone Real Estate Advisory Group’s own proprietary technology platform, the group’s service offerings also include delivering customized technology solutions to its clients, including development of interactive client-branded websites for efficiently managing procurement needs and property transaction requests. 

“We are excited about the growth and expansion of this group over the past 25 years, and we look forward to continuing to bring our streamlined, private sector approach to public sector real estate portfolios,” said Stephen Rosenberg, Founder and CEO of Greystone and its affiliated companies. 

After a quarter of a century providing best in class commercial real estate management services to the public sector, Greystone Management Solutions is rebranding as the Greystone Real Estate Advisory Group, effective today. This new identity reflects the division’s expanded services and resources it has provided to clients since its establishment in 1999.

As the Greystone Real Estate Advisory Group, the team’s mission remains unchanged: providing private sector real estate expertise, in a public-minded way. Since its founding, the group has evolved from managing public real estate portfolios to establishing itself as a full-service firm providing a broad array of real estate consulting services to its clients. These services include Transit Oriented Development advisory, public asset disposition and acquisition services, transaction analysis and financial modeling, brokerage, strategic planning, insurance compliance, construction management, accounting, and disposition administration services.  

“Over the past 25 years, we have been fortunate to serve as trusted advisors to major public agencies throughout the United States,” said Charles Di Maggio, CEO of the Greystone Real Estate Advisory Group. He continued, “Our newly reorganized team and expanded services reflect the reasons our clients increasingly turn to Greystone Real Estate Advisory Group to leverage our nationwide resources including development advisory, affordable housing solutions, valuation, brokerage, right-of-way agreement management, and customized IT solutions to maximize revenue and efficiencies of public real estate portfolios.”

Bolstered by Greystone Real Estate Advisory Group’s own proprietary technology platform, the group’s service offerings also include delivering customized technology solutions to its clients, including development of interactive client-branded websites for efficiently managing procurement needs and property transaction requests. 

“We are excited about the growth and expansion of this group over the past 25 years, and we look forward to continuing to bring our streamlined, private sector approach to public sector real estate portfolios,” said Stephen Rosenberg, Founder and CEO of Greystone and its affiliated companies. 

Kōz on West 4th breaks ground, providing residents with amenitized community at affordable rents in premier live-work-play neighborhood

Cushman & Wakefield and Greystone jointly announced the firms have arranged and provided $33 million in construction financing for the development of Kōz on West 4th Ave, a 210-unit, six-story multifamily apartment complex coming to downtown Spokane, Washington. A partnership comprising an affiliate of Kōz Development, LLC and Catalyst Opportunity Funds (Catalyst) recently broke ground on the project in mid-August, with a projected lease-up date of fall 2026.

Kōz 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. Catalyst is a real estate investment firm focused on impactful, community-driven development, with a commitment to addressing America’s affordable housing crisis through capitalizing new, affordable and workforce housing projects across the US.

Cushman & Wakefield served as the exclusive advisor to the partnership in securing the construction financing for this new multifamily development. A Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team consisting of Chris Moyer, Dave Karson, Paul Roeter, and Chris Meloni represented the borrower in the transaction.

Greystone’s Michael Zampetti, Senior Managing Director, originated the private label loan, which was provided by Greystone, with assistance from Drew Fletcher and Jesse Kopecky on the construction financing vehicle.

“Our collaboration with Cushman & Wakefield has enabled us to provide a variety of financing options for Kōz Development over the years, and we are thrilled to have played a part in the new construction of much-needed workforce housing in Spokane,” said Mr. Zampetti.

Located at 307 West 4th Ave at the corner of St. Bernard St, Kōz on West 4th Ave is an 80,724-sf Class A apartment complex with 108 parking spaces. Additional features of the complex include a large courtyard with barbecues and common area laundry areas.

The downtown district of Spokane is dotted with an assortment of grocers, restaurants, bars, breweries, wineries, and entertainment. The Riverfront Park is one of the most popular attractions, offering scenic walks in nature in the heart of downtown. The property is also walking distance to Sacred Heart Medical Center's premier medical facilities and has immediate access to Spokane’s great outdoors and recreational activities via Interstate 90 down the street.

“Kōz on West 4th’s urban location and amenitized community offers residents a premier live-work-play residential experience. The property also provides one of the most affordable rents in the area for comparable apartment projects,” said Cathy Reines, Founder, CEO, and Board Chairman of Kōz Development.

“Spokane saw a meteoric rise in popularity just prior and during COVID, resulting in construction activity rising above historic norms. According to Cushman & Wakefield tracking, vacancy for stabilized properties is 5%, and has been for the past 5+ years, a healthy data point when compared to the US average vacancy rate of 7.8%,” Chris Moyer, Executive Managing Director, EDSF at Cushman & Wakefield.

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com. 

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, announced that Shaya Ackerman has joined the firm as a Managing Director, focusing on arranging financing for multifamily investors and developers nationwide. Building on two decades of experience as a top-ranked mortgage broker handling some of the industry’s largest and most complex transactions, Mr. Ackerman will bring a broad lending perspective to the firm.

Mr. Ackerman brings almost two decades of experience to Greystone. Prior to joining the firm, he was one of Meridian Capital Group’s largest producers, closing over $10 billion in the past five years across all asset classes and throughout the capital stack. Prior to Meridian Capital Group, Mr. Ackerman led Eastern Union Funding’s Structured Financing division, where he honed his specialty in arranging large-scale, complex transactions.

In his new role at Greystone, Mr. Ackerman will report to Chip Hudson, head of Agency lending, and work closely with Donny Rosenberg and the Greystone Emerald team, the firm’s top-producing loan origination group, to provide clients with direct Fannie Mae, Freddie Mac, and HUD-insured loan executions on their multifamily and healthcare properties, as well as continued advisory services across all other asset classes.  In an effort to help property investors navigate today’s challenging economic market, the team will leverage Greystone’s expansive debt and equity platforms, which have boosted Greystone to remain the #1 FHA lender for multifamily and healthcare, and the #3 overall Agency lender in 2023.

“Greystone offers a special blend of institutional quality products, processes and relationships combined with a private, entrepreneurial, and nimble mindset. These qualities will enable me to service my clients and others in the market in a truly unique way. I couldn’t be more excited to partner with Donny and launch this next chapter of my career at Greystone,” said Mr. Ackerman.

“As someone we’ve worked closely with for many years with great success, Shaya is finally joining the fray here at Greystone. His relationships, knowledge and expertise across many different products and asset classes will add a significant benefit to our clients,” said Mr. Hudson.

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.