Greystone Lends $68M on Affordable Housing Portfolio Refi
By Andrew Coen April 18, 2022 3:01 pm
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Greystone has closed a deal providing $67.5 million of bridge financing for a refinancing of five suburban affordable housing assets, a transaction propelled by Greystone’s new joint venture with brokerage giant Cushman & Wakefield, Commercial Observer has learned.
The loan, which was funded by the Manhattan-based lender’s joint venture partner Greystone Monticello, comprises a 619-unit multifamily portfolio of Section 8 properties owned by Conquest Housing and BLVD Communities. The properties are located across New Jersey, Arkansas, Ohio and Wisconsin.
Greystone’s loan origination team was headed by Eliav Dan, Gary Stellato and Max Spelling while the Greystone Monticello financing team consisted of Alan Litt, Tom Lally, Joseph Borenstein and Jonathan Cohen.
C&W arranged the financing with a team led by Rob Rubano, Marc Renard, Keith Padien, Brian Share, Joseph Lieske and Ernesto Sanchez.
The deal closed on the heels of the formation of the JV between Greystone and C&W in late 2021 after the brokerage firm spent $500 million to acquire a 40 percent stake in the lender’s agency, Federal Housing Administration and servicing loan businesses. Greystone in turn is planning to use the new capital for new product offerings that can position it for future expansion.
“This transaction exemplifies the synergies of our recently closed Cushman & Wakefield Greystone joint venture,” Dan said in a statement.
The portfolio’s properties are all garden-style apartment communities built between 1960 and 1987 located in Toms River, N.J.; Toledo, Ohio; Maurnelle, Ark. and Milwaukee.
Representatives for Conquest Housing and BLVD Communities did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
