Greystone announced it has arranged $243 million in financing for two of Namdar Group’s multifamily properties in the Tri-state area. The debt package was comprised of a $160 million construction loan for 626 Newark Avenue, a 27-story, 576-unit mixed-use residential development with ~27,000 SF of commercial space, together with an $83 million TCO bridge loan for 26 Van Reipen Avenue, a 27-story, 235-unit multifamily building with ~14,000 SF of commercial space in the same neighborhood that was recently completed. SCALE, the real estate lending arm of Slate Property Group, provided both loans, refinancing its own construction loan on 26 Ven Reipen Avenue as part of the transaction. Drew Fletcher and Bryan Grover of Greystone Capital Advisors arranged the new financing.
Greystone Capital Advisors has been extremely active in arranging large construction, bridge, and permanent loans for multifamily properties throughout the United States, even during this latest heightened-interest-rate cycle and pullback in commercial bank lending. In 2023 alone, they also arranged over $1 billion in large multifamily construction and bridge loans, among many other notable transactions.
“Our team has demonstrated remarkable resilience and expertise in the multifamily real estate financing sector this past year, successfully closing billions in various financing deals despite challenging market conditions. In difficult lending environments, Sponsor’s need highly specialized and creative financing solutions to capitalize their projects and that is where our team excels,” says Drew Fletcher, President of Greystone Capital Advisors.
Paul Fried, Ryan Cohen, Jesse Kopecky, Tori Colledge and Cameron Behr also contributed to the team’s efforts.