Greystone Provides $161M Financing for Nationwide Multifamily Portfolio

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Rich Properties has secured a total of $161.4 million in HUD-insured financing for a portfolio of seven multifamily properties across the United States, Commercial Observer has learned.

Greystone provided the loan with a team led by Eric Rosenstock and Jesse Yodice.

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The portfolio of seven multifamily properties spans five states and comprises a total of 1,486 units. Greystone provided the HUD-insured financing over the past several months, with transaction sizes ranging from $13.2 million to $36 million, according to a release. 

Three of the seven properties are in North Carolina: Ashborough Apartments in Raleigh at 5406 Viewcrest Way, Parkside Village in Clayton at 950 Parkside Village Drive, and Ashbrook Apartments in Carrboro at 601 Jones Ferry Road. 

The rest of the properties span four different states: The Heights at Towne Lake at 1395 Buckhead Crossing in Woodstock, Ga.; Oakhampton Place Apartments at 1983 Oakwell Farms Parkway in San Antonio, Texas; Rosemeade Apartments in Southbridge, Mass., at 657 Worcester Street; and Waterford Downs Apartments in St. Louis, Mo., at 11502 Craig Court.

“Refinancing this portfolio has been a labor of love for me and my team, including navigating the various market challenges,” said Rosenstock in prepared remarks. “The only constant in the last year has been change, with interest rates and costs rising, but Mr. Howie Rich stayed the course and put complete confidence in Greystone to deliver the best possible execution. It’s highly gratifying for my team to complete the last of the refinancing transactions in this portfolio, and I’m proud to add these assets to my servicing book.”

Officials at Rich Properties did not immediately respond to a request for comment.

Emily Fu can be reached at efu@commercialobserver.com