Stephen Rosenberg - Print
Stephen Rosenberg
Founder and Corporate CEO at Greystone
Last year's rank: 28
After expanding just before the pandemic, Greystone thrived over the last 14 months, aided by a strong focus on multifamily and health care transactions.
Greystone, which completed a purchase of C-III Asset Management in late 2019, originated $16.6 billion for calendar year 2020. Other than a three-month lull in mostly bridge lending, Greystone remained active with a number of deals backed by federal agencies, including the Department of Housing and Urban Development (HUD).
“Interest rates were low, refinancing was happening all over the place, the agencies were all in, and we were just fortunate to be in an industry where the assets were not falling off a cliff,” said Stephen Rosenberg, noting that Greystone has very little exposure to more-challenged sectors like hospitality and retail. “We ended up having a very good year, financially.”
Notable deals included an $86.6 million refinancing in May 2020 for Aspire Apartments, a multifamily asset in Northern California; $65 million of Freddie Mac-backed financing last May for an affiliate of the Lions Group to refinance One LIC, a new, affordable housing apartment community in Long Island City, Queens; and a June 2020 deal providing $91 million of Fannie Mae debt to HSL Properties for the refinance of a portfolio containing four Arizona multifamily assets.
Rosenberg noted that low interest rates helped keep refinancing activity high during the pandemic. While initially concerned that Fannie Mae and Freddie Mac increasing their COVID reserves might negatively impact lending, Greystone achieved record originations, thanks to strategic growth in its lending platforms. As a loan servicer, Greystone also worked closely with Fannie and Freddie to communicate forbearance guidelines to clients.
Greystone kept a hold on its status as the number one Federal Housing Administration (FHA) lender for multifamily and health care during the pandemic, while also expanding its lending capabilities across asset classes, from its CMBS platform to its new commercial lending group.
The past year also saw Greystone make big strides in diversity. The Manhattan-based company began a dedicated Diversity, Equity & Inclusion (DEI) Committee in the summer of 2020, and hired Pranika Uppal Sinha in January 2021 as DEI director.
Greystone has also developed and implemented programs aimed at increasing communications internally around DEI issues, and created a DEI library as an educational resource for employees. It also retooled its recruiting program to include more historically Black colleges and universities.
“I can’t imagine a firm that could be more proactive than we were,” Rosenberg said, noting that he has been holding weekly videos, where diversity and inclusion are prominent in the conversations. “We’re not letting up.”
Recent strategic hires position Greystone for continued growth in 2021, including a new leadership team for its sales advisory group that features Jeffrey Daniels and David Sperling, who joined from Marcus & Millichap. In March, Greystone tapped David Friedman to head the lender’s new institutional platform. It also gained C. Lamar Seats from HUD to lead its FHA multifamily production.—A.C.
