Greystone Monticello, a bridge lending platform providing comprehensive capital solutions for the multifamily and senior housing sectors, closed two bridge loans totaling $40.3 million for two apartment complexes in Las Vegas, NV.

The purpose of both bridge loans is to refinance the outstanding bridge loans and provide additional time to enhance operations, positioning the properties for a potential sale or permanent financing.

Greystone Monticello’s Senior Managing Director, Darryl Myrose, originated these loans through the firm’s Bridge platform.

“Despite challenging market conditions, we are thrilled to have provided a short term, cash-neutral financing solution to a leading sponsor allowing time to execute the full business plan,” adds Mr. Myrose.

The transactions, totaling 262 units, expand Greystone Monticello’s multifamily financing footprint in the market.

Greystone Monticello announced today that an affiliate of the firm provided financing for a multifamily community in Huntsville, AL.

Randy Wolfe and Drew Marley of Northmarq Capital’s Atlanta team represented the Borrower in the transaction, and Chris Hetzel originated the loan through the Greystone Monticello Bridge Loan Platform. Greystone Monticello’s affiliate acted as the lender on the $47,500,000 bridge refinance loan to the Sponsor, RCP Companies. The bridge loan includes a 24-month primary term with extensions at a floating rate and full-term interest only. The purpose of bridge loan is to facilitate the pay-off of the maturing construction loan and to allow sufficient time to stabilize operations to maximize NOI to qualify for permanent financing.

The Property, Metronome at MidCity, contains 296 units along with 35,584 sf of street level retail space which ties into the master plan of MidCity District (MCD). The development is a 140-acre experiential mixed-use community combining retail, office, hospitality, and multifamily rentals in a creative and leading-edge environment that includes national retailers, the market’s only Trader Joe’s, curated food and beverage offerings, an 8,000 capacity Amphitheatre, a 40-acre public park, and much more.

The property is a five-story apartment building with an attached four-story parking garage and ground level retail on the main street of MidCity District. Community amenities include a coworking lounge with private pods and conference room, sky lounge space with rooftop patio, firepit, pizza oven and grills, game and media room, fitness room with spin studio, club room, saltwater pool with chair wading area and sun ledge. Unit interiors include stainless steel appliances, in unit washer and dryer, island kitchen, and balcony.

Greystone Monticello, a bridge lending provider specializing in capital finance products and services for the multifamily, healthcare, and senior housing sectors, announced that Sean Bryce has joined the firm as a Director, focusing on originating Multifamily bridge loans. Mr. Bryce is based in Atlanta, Georgia and reports to Eric Baum, head of Multifamily Bridge Lending at Greystone Monticello.

“We are pleased to welcome Sean aboard,” expressed Greg McManus, Chief Operating Officer of Greystone Monticello. “His established client network and extensive industry acumen will significantly enhance our bridge lending platform. Sean will play a pivotal role in driving our loan origination objectives forward and delivering unparalleled value to our clients.”

Sharing his enthusiasm, Mr. Bryce remarked, "Joining forces with Greystone Monticello represents an exceptional opportunity to collaborate with an esteemed entity in the real estate finance domain. I am excited to have the opportunity to help the Greystone Monticello team continue to grow their client relations and build on what is already a robust loan origination team.” 

Mr. Bryce has 12 years of experience originating and managing commercial real estate debt investments on all property types across the United States. He most recently served as an Assistant Vice President for Voya Investment Management where he focused on originating commercial mortgage loans as well as leading workout efforts for various special situations within Voya's CML portfolio. Prior to Voya, Mr. Bryce was a Senior Associate with Walker & Dunlop Investment Partners (formerly JCR Capital) in Denver, Colorado. Sean began his career at RAIT Financial Trust, a mortgage REIT focused on value-add and transitional commercial real estate. In each role, he was responsible for all aspects of the debt investment including sourcing, evaluation, loan structuring, term sheet negotiations, underwriting, and closing. He received a Bachelor of Science with concentrations in Finance and Real Estate from Villanova University. 

Greystone Monticello, a bridge lending program serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, has closed a $16,670,000 bridge loan for the acquisition of a seniors housing property in Illinois. The financing was originated by Karina Davydov, a Managing Director for Greystone Monticello.

The property comprises independent living, assisted living and memory care units. The bridge financing closed by Greystone Monticello carries a two-year term with two six-month extensions.

“We are excited to deepen our relationship with a top-notch regional operator as it expands its footprint in the Midwest market,” said Ms. Davydov. “Greystone Monticello prides itself on its ability to provide custom solutions in the ever-evolving capital markets. Another successful execution by the team is a testament to our efficiency, sophistication, and commitment to our clients.”

“The Greystone Monticello bridge platform is certainly ideal for seniors housing operators looking to transact during times of transition in the market, and we look to exceed their expectations over the long term,” added Joseph Borenstein, head of the healthcare sales desk at Greystone Monticello.

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 Monticello and Cushman & Wakefield jointly announced today that the firms provided financing for, and represented the buyer of, respectively, a two-property portfolio of build-to-rent multifamily communities in Phoenix, Arizona. 

Jeems Lochridge of Cushman & Wakefield represented Balfour Pacific Capital and Stone View Holdings, the joint buyers and co-General Partners in the transaction, and Greystone’s Dale Holzer of Greystone originated the loan through Greystone Monticello. In the transaction led by Chris Hetzel, Greystone Monticello provided a two-year $37,250,000 bridge acquisition loan to allow for lease-up and stabilization of the portfolio.

The two-site portfolio, Stone View on Central and Stone View on 7^th, consists of build-to-rent, entry-level communities totaling 123 homes. The properties are developed to modern new-home construction standards with each townhome-style unit featuring quartz countertops, stainless steel appliances, en-suite laundry, and select units have two-car attached garages. All units are individually metered for electricity, water, and trash services and individually platted with their own addresses.

“The demand for build-to-rent assets in the Phoenix MSA remains robust, both from the investor standpoint and the renter. Build-to-rent properties provide a desirable option for renters looking for the comforts of a home who are priced out of the home buyer market. The partnership between Stone View Holdings and Balfour Pacific identified the opportunity to provide much needed infill housing to meet this renter demand,” said Jeems Lochridge, Managing Director, Cushman & Wakefield.

“The build-to-rent asset class is a promising investment class for the multifamily sector, having shown growing strength in demand over the last several years,” said Mr. Holzer. “Greystone strives to offer a broad range of financing options that can satisfy a number of client needs, and we are thrilled to provide this build-to-rent acquisition financing solution with Greystone Monticello.”

“The successful execution of the financing is a testament to our strong relationship with Greystone Monticello’s Chris Hetzel,” said Bruce Rudichuk, Balfour’s Head of Multifamily, adding, “The bridge financing is a perfect solution for our lease-up period, and we are excited to explore permanent exit options with Greystone.”

David Shlomi, Principal of Stone View Holdings added, “It was a pleasure working with the teams on this portfolio acquisition in Phoenix, which is a market we are very optimistic about.”