Stephen Rosenberg

Greystone was the No. 1 multifamily and health care HUD lender for the fiscal year ending Sept. 30, 2025, with originations in those categories totaling $2.6 billion.

This included firm commitments for 40 multifamily properties totaling $1.1 billion, and 83 health care properties totaling $1.5 billion. 

All told, this represented 12 percent of total firm commitments issued by HUD, according to Greystone, which, in calendar year 2025, had total transaction volume of $13 billion, including $2.8 billion from Fannie Mae, $2.5 billion from Freddie Mac, $2 billion from FHA/HUD, and $3 billion in debt and equity placements.

The company also closed its second Israeli bond offering in February 2026 totaling $193 million, following a $160 million offering in December 2024.

Not a bad year for one that Rosenberg categorized as “challenging.”

“With interest rates remaining high and fewer sales happening, our acquisition finance and refinancing businesses were down somewhat,” said Rosenberg. “But the good news is, we’re pretty much No. 1. We maintained market share.” 

In addition to the success at HUD, Rosenberg noted a few other areas of strength that are propelling the company now.

“The thing I am super excited about is our ability to raise capital to expand our bridge loan business, which makes money by itself, but also leads to more permanent financing,” said Rosenberg. “That’s why we’re in the bridge business. We’re very excited about growing that business.”

Last August also saw Greystone close its first Low-Income Housing Tax Credit fund for $103 million, the proceeds of which will fund the development and preservation of 959 income-restricted units across 11 projects in six states. 

“This year, I’m expecting us to do somewhere between $300 and $500 million of LIHTC syndication, which also drives the agency permanent business, which also drives our affordable construction business,” said Rosenberg. “I see affordable on our horizon as a definite growth area.”