Greystone’s Year-to-Date FY2019-2020 Volume for Multifamily and Healthcare Loan Firm Commitments Totals $2.6 Billion
Greystone announced it ranks #1 based on both volume of multifamily and healthcare Firm Commitments issued by the U.S. Department of Housing and Urban Development (HUD) for the first nine months of the agency’s 2019-2020 fiscal year ending June 30, 2020. Since HUD’s fiscal year began in October 2019, Greystone originated and obtained Firm Commitments for 136 HUD-insured loans totaling $2.59 billion, representing 14.7% market share – the largest of all lenders – for HUD-insured multifamily and healthcare loans.
Greystone ranked highest based on dollar volume for Firm Commitments issued under HUD’s MAP program with $1.66 billion in origination volume for multifamily properties, as well as HUD’s LEAN program, totaling $933 million in origination volume for healthcare properties, which include skilled nursing and assisted living facilities. Greystone’s fiscal YTD healthcare loan volume is more than double the volume generated by the #2 ranked lender and represents 3 times the number of loans originated.
Greystone’s consistent success in HUD-insured lending is attributed to the firm’s extensive underwriting expertise, and the accessibility of Greystone’s proprietary bridge-to-HUD program, which seamlessly guides borrowers from acquisition to permanent exit financing after a stabilization period.
“It’s a testament to our team’s commitment to clients that they have generated a record amount of loan volume during the headwinds of today’s ongoing pandemic,” said Nikhil Kanodia, head of Greystone’s FHA lending group. “Today’s historically low interest rates have proven time and again that the long-term, non-recourse HUD-insured loan product is a constant in a sea of change. HUD continues to serve as an excellent ally in helping to finance multifamily, affordable, new construction, and critical healthcare properties nationwide.”