Stephen Rosenberg

“One thing that has become clear to the world that wasn’t clear 10 years ago, at least to most of the world, is that there’s a very close relationship between selling properties and financing those properties that you’re selling,” said Stephen Rosenberg. Greystone’s total originations in 2021 hit $18.3 billion. 

One pivotal development for Greystone in 2021 was its strategic joint venture with Cushman & Wakefield. Greystone provided C&W with access to its significant balance sheet, and, in exchange, C&W provided a network of real estate brokers and other services, Rosenberg noted. 

“We can position Cushman to win a higher percentage of the business that they’re pitching,” he said. 

With Cushman’s $500 million investment, Greystone is able to continue its expansion, which also includes a joint venture with Monticello Asset Management for bridge lending, a venture with Passco Companies for 1031 exchanges and the launch of a proprietary commercial mortgage-backed securities platform, led by Rich Highfield.

Greystone closed a $900 million multifamily collateralized loan obligation (CLO) in August 2021 and a $450 million health care CLO in December. Its advisory team, Greystone Capital Advisors, arranged a $143 million permanent loan for affiliate entities of RXR to refinance 475 Clermont, a multifamily rental building in Brooklyn. 

“I would say we’re still catching our breath, but we’re not stopping,” Rosenberg said.

Greystone also has a special situations group for clients to get a deal over the finish line when needed. Its Housing Association of Nonprofit Developers (HAND) relationship was key in providing access to capital for developers of color too.

Greystone’s people are top of mind for Rosenberg. 

“It is a core fabric of who we are,” he continued. “Shame on us if we don’t have a diverse employee force. Shame on us if everyone doesn’t have the same opportunity. Shame on us if everyone doesn’t feel at home.” 

That’s the same ideology backing Greystone’s diversity, equity and inclusion (DEI) efforts. Led by Pranika Uppal Sinha, Greystone is growing a team that is supported by employee-led committees. In 2021, Greystone launched employee resource groups, expanded its targets for college recruitment with historically Black colleges and universities, and developed a relationship with Project Destined, for which Greystone created a custom learning module on debt and lending. 

Greystone also hosted speakers and trained over 1,200 employees in microaggressions and imposter syndrome, among other topics. The firm is launching a mentor program, too, led by the DEI committee to boost such efforts. —E.F.