Trending Multifamily News
Greystone, a leading national commercial real estate finance company, has provided a total of $103,740,000 in Freddie Mac Optigo® loans to refinance two separate multifamily communities in Tamarac, FL and Birmingham, AL. The financing was originated by Haig Kilicyan and Donny Rosenberg of Greystone on behalf of White Eagle Group.
Midora at Woodmont, owned and operated by White Eagle since 2016, is a 199-unit community in Tamarac secured by a $37,310.000 loan. Property amenities include waterfront units, fully equipped business center, 24-hour fitness and wellness center, bark park, and resort style lakeside swimming pool.
Avenues of Inverness is a 586-unit community in Birmingham secured by a $66,430,000 loan. Owned and operated by White Eagle since 2018, the property offers resident amenities serene lake views, swimming pool with expansive sundeck, business center with cyber cafe and co-working space, and two community waterfront piers.
The Freddie Mac loans for both properties carry seven-year terms at a fixed rate with five years of interest-only payments and 35-year amortizations.
“We strive to offer our residents quality and comfortable housing in areas where there is a great need, and these refinancings will ensure that we can continue to invest in our assets and their long-term success,” said Abe Spitz of White Eagle Property Group.
“Both of these transactions were index locked within 24 hours of their executed applications, showing that we acted swiftly in collaboration with our client to ensure the best outcome,” said Mr. Kilicyan. “Freddie Mac financing has been in great demand, and these assets were a perfect fit for this platform.”
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.
Greystone, a leading national commercial real estate finance company, announced it has been recognized by Commercia Property Executive with a Bronze award for the Most Effective DEI Program in the 2023 CPE Influence Awards.
Greystone was selected as a winner in this category for its efforts in furthering the company’s “Building Belonging” initiative, which employs both internal and external programs to help employees connect, communicate, and better understand how a diverse, inclusive workforce benefits both the company and individual employees.
Greystone’s tagline is ‘where people matter,’ and its Diversity, Equity, and Inclusion (DEI) initiatives start and end with people in mind. The company’s focus on DEI centers on a strategically focused internal DEI committee and a dedicated DEI/Development-focused department that helps the organization learn, grow, and reflect.
Greystone’s DEI program is supported by a range of activities, including companywide celebrations and recognitions of cultural heritage months and observances, a DEI book club, external speakers, and employee resources such as a DEI dictionary and calendar. The program is also supported by three subcommittees who focus efforts on Community, Culture, and Careers & People. Greystone launched a formal mentoring program in 2023, partnered with Project Destined on career development for underserved communities and students, and launched a podcast, GLOW CRE, to help foster the growth of women working in commercial real estate. Greystone also supports three Employee Resource Groups (ERGs), Greystone Women’s Network, Greystone Asian Pacific Islanders, and Pride + Allies, to provide more opportunities for connection and collaboration among employees.
“Our vision – and the purpose driving all our efforts - is to build belonging and help people grow at Greystone. It’s more than just our tagline – we are committed to making Greystone a place where people truly know and feel they matter. DEI is at the heart of our culture of caring, integrity, and excellence and the driving force behind our entrepreneurial spirit and creativity,” said Pranika Uppal Sinha, Managing Director of DEI and Organization Development at Greystone. “We are honored to have been recognized by Commercial Property Executive with this award.”
Industry Veteran to Launch Platform for Institutional Investors to Support Affordable Housing Construction Nationwide
Greystone, a leading national commercial real estate finance company, announced that Greg Voyentzie has joined the firm as head of a new Low Income Housing Tax Credit (LIHTC) syndication platform that will support the development and construction of new affordable housing across the nation. The platform will further expand relationships with institutional investors to deploy capital for new affordable housing communities, create jobs, generate tax revenue to municipalities, and positively enhance the lives of seniors, minorities, veterans, and those with disabilities.
Prior to joining Greystone, Mr. Voyentzie led the tax credit platform at Boston Financial as Chief Executive Officer, where he also served as a member of the Management Committee for ORIX Corporation USA, Boston Financial’s parent company. He served over 24 years at the company and during his time there was responsible for managing, underwriting, structuring, and originating tax credit equity funds totaling more than $16 billion. Before joining Boston Financial, Mr. Voyentzie was a manager at PricewaterhouseCoopers LLP and a senior associate within Ernst & Young LLP’s National Tax Practice. He holds both an MBA and a Bachelor’s Degree from the University of Connecticut.
“After a gratifying tenure at Boston Financial, I was drawn to the opportunity to complement Greystone’s unique combination of affordable housing debt, equity, and development expertise with a tax credit syndication platform to help fund the creation of new housing,” said Mr. Voyentzie. “Institutional investors recognize that a company’s values are reflected in its work, and Greystone’s commitment to affordable housing, as well as its caring culture and philanthropic mission, are truly undeniable. I am thrilled to join the firm and make an impact for affordable developers nationwide.”
“It has been a long-time goal to add tax credit syndication to Greystone’s broad financing and investment platform, and Greg is the perfect fit to lead this new initiative,” said Mr. Steve Rosenberg, founder and CEO of Greystone and to whom Mr. Voyentzie reports. “With his nearly 30 years of experience building out opportunities for both investors and developers in the affordable housing market, he will be an asset to the firm in achieving its affordable housing goals while building new relationships with investors and developers.”