Greystone, a real estate lending, investment and advisory company, today announced it has provided a $14,018,000 Fannie Mae Delegated Underwriting and Servicing (DUS^®) loan to finance the acquisition of a 184-unit apartment community in Orlando, FL. The loan was originated by Andrew Ellis of Greystone’s Rockville, MD office on behalf of Mahesh Desai and Hiren Patel, Key Principals of Atlantic Multifamily 12.

The 15-year fixed rate loan for Cadence Crossing includes a 30-year amortization and is interest-only for the first five years of the term. Cadence Crossing comprises 19 two-story apartment buildings with one-, two- and three-bedroom units and multiple amenities. The East Orlando property is located in close proximity to Disney World, Universal Studios, Downtown Orlando and Orlando International Airport.

"Market fundamentals in Orlando remain strong for multifamily acquisitions, and we are thrilled to have closed our sixth loan with our loyal borrowers as they continue to expand their portfolio," said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.

“My group has completed many acquisitions across multiple states during the past few years and Greystone has never failed to impress us. Greystone consistently offers us innovative long-term financing alternatives, which often include fantastic interest-only features, and then meets our demanding timelines for accelerated closings,” said Mahesh Desai, a Key Principal of Atlantic Multifamily 12.

He added, “Andrew Ellis is an important contributor to the Atlantic Multifamily team. His personal involvement typically starts at the earliest stages of identifying and evaluating acquisition targets and continues through to post-closing mortgage servicing. Andrew and his team always work tirelessly to meet our aggressive financing needs.”

Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.

Real estate lending, investment and advisory company Greystone added two Directors to its origination team to boost regional mortgage lending production. Don Farmer and Lou Tiberio have joined the company in Irving, TX – just outside of Dallas – and Philadelphia, PA, respectively, and bring over three decades of combined real estate finance experience and extensive banking relationships to Greystone. 

As a 20-year veteran of the commercial real estate capital markets industry, Mr. Farmer was most recently a Managing Director of Structured Finance at Transwestern. Prior to that, he served roles as South Central Regional Loan Origination Manager at Bridger Commercial Funding and was a Co-Founder of Arcap REIT. In Texas, he will report to Tony Spaeth, Managing Director.  

Mr. Tiberio joins from Investors Bank, where he was a Vice President, and he brings over 12 years of commercial real estate experience within the banking and mortgage banking industries. With a focus on Agency lending production in the Philadelphia and southern New Jersey markets, Mr. Tiberio expands Greystone’s regional reach for Fannie Mae and Freddie Mac multifamily financing.  

“We are continually expanding our range of financing services to include a number of debt products, equity and bridge financing, and our production bench is now even stronger with the banking relationships and capital markets expertise that Don and Lou bring to Greystone,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.

The deal marks the largest closing in terms of total deal value by Greystone Real Estate Advisors seniors housing team.

Greystone Real Estate Advisors today announced it has closed the $210 million sale of an 8-property seniors housing portfolio in Texas and Oklahoma. Harrison Street Real Estate Capital and Bridgewood Property Company sold the properties to a private company, Cardinal Bay, based in Texas, on May 26. Greystone represented the seller in the transaction.

The portfolio of properties includes 1,039 units total built between 1989 and 2000:
 

“Cardinal Bay’s long term investment strategy was an ideal fit for this transaction,” said Cody Tremper, a Managing Director of Greystone Real Estate Advisors, who led the sale. “Cardinal Bay, being based in Texas, thoroughly understood the opportunities offered by the local Texas markets.”

“We are pleased that Greystone was able to connect us with a high-quality buyer in Cardinal Bay, who understood the local markets and recognized the value in leaving the current operator, Retirement Center Management, in place,” said Brian Mutchler of Harrison Street Real Estate Capital.

The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, memory care and assisted living facilities.

Greystone, a real estate lending, investment and advisory company, today announced it has provided  three Fannie Mae DUS^® loans totaling $36,810,000 to refinance an 811-unit multifamily property portfolio in Texas. The loans were originated by Tony Spaeth of Greystone. 

The Fannie Mae DUS loans carry 10-year terms with 30-year amortizations, each with a period of interest-only payments. The properties include:

·         Park at Crestview, located in Austin, TX and comprised of 248 units, was refinanced for $16,725,000 with three years of interest-only;

·         Park at Ventana, located in San Antonio, TX and comprised of 319 units, was refinanced for $11,570,000 with five years of interest-only and;

·         Villas at Ventana, located in San Antonio, TX and comprised of 244 units, was refinanced for $8,515,000 with five years of interest-only.

The Texas properties host contemporary amenities including a swimming pool, fitness center, clubhouse lounge, and business center.

"Greystone’s expertise with both the Fannie Mae DUS product and agile navigation of the Texas multifamily market has enabled us to coordinate this trio of closings for our client in alignment with their existing portfolio under the most beneficial terms," said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.

Greystone, a real estate lending, investment and advisory company, announced it has originated and closed $1,000,000,000 in Freddie Mac Small Balance Loans since the Freddie Mac Small Balance Loan program was launched in October 2014. In that time, Greystone has closed over 350 Freddie Mac Small Balance Loan transactions from the East Coast to the West Coast.

"We applaud Greystone's continued commitment to the small loan market and reaching this milestone," said Steve Johnson, Freddie Mac's senior director of small balance lending. "In serving the critical small loan market, Greystone delivers consistent service and reliable execution."

Freddie Mac’s Small Balance Loan program includes fixed-rate and hybrid adjustable-rate mortgage loans ranging from $1 million to $5 million on multifamily acquisitions or refinancings. 

"Freddie Mac’s small balance loan product continues to be our fastest-growing platform, as it addresses the specific financing needs of smaller multifamily property owners with a highly competitive product,” said Rick Wolf, Senior Managing Director and head of Greystone's small loan lending group. “Greystone has a seamless loan application and origination process in place which covers the US, and we continue to be a leading provider of Freddie Mac small balance loans.” 

The Freddie Mac Small Balance Loan Terms include:

·         Properties with at least five units

·         Partial or full term interest only available

·         Up to 80% LTV in certain markets

·         1:25x debt service coverage ratio minimum in many markets, and 1:20x in top markets

·         60-120 day rate lock available

·         Hybrid ARMs or fixed-rate mortgage loan

·         Highly competitive rates and low transaction costs

The Freddie Mac Small Balance Loan Closed in Under 60 Days

Greystone, a real estate lending, investment and advisory company, today announced it has provided a $5,000,000 Freddie Mac Small Balance Loan to finance the acquisition of Greystone Place Apartments in Sacramento, CA. The loan for the property, which is not affiliated with Greystone, was originated by John Tilsch of the company’s San Francisco office.

The Freddie Mac Small Balance Loan carries a 20-year term with a fixed rate for the first five years and one year of interest-only over a 30-year amortization at 73% LTV. Greystone Place is a 120-unit apartment complex located in the premier secondary market in California.

"With its rapid growth in population and employment, Sacramento is becoming one of the strongest rent growth markets in the nation," said Rick Wolf, senior managing director and head of Greystone's small loan lending group. “The client chose Greystone as a repeat lender due to our reputation as a leader in Freddie Mac Small Balance multifamily lending and our in-depth knowledge of the Sacramento market.”