Greystone on Pace for Record-Setting Year in Workforce Housing Loans Across the U.S.
Increased Demand for Small Multifamily Loans Sparks Regional Team Expansion
Greystone announced that its Small Loan platform, which includes providing Freddie Mac and Fannie Mae loans to finance multifamily properties with an average of 50 units, is on pace for record-setting transaction volume after the first half of 2018, and it has hired talent across the country in order to meet this demand.
Since 2014, Greystone has closed over 1,400 small loans totaling over $3.64 billion, between the Freddie Mac’s Small Balance Loan (“SBL”) program and Fannie Mae’s Small Loan Program. The majority of these transactions are under the $5 million mark, with an overall average deal size of $2.8 million. The Agency loans include terms from 5 years up to 30 years, with fixed- and variable-rate options, non-recourse to the borrower, interest only, and a variety of prepayment options.
“Freddie Mac and Fannie Mae have made the financing of smaller properties via an Agency execution incredibly attractive,” said Rick Wolf, head of Greystone’s Small Loan platform. “With increased demand for workforce housing around the country, multifamily owners are acquiring, rehabilitating and refinancing at a record pace. Having highly competitive Agency loan products available as a permanent financing option is critical to the support of workforce housing and offers unparalleled flexibility and product depth.”
To support the growing demand for multifamily financing activity, Greystone has expanded and re-focused its team dedicated to serving the Small Loan business. In addition to naming dedicated Regional Market leaders – Ana Ramos (West), Clint Darby (Central), and Brian Liske (East) – Greystone has added the following loan originators in a number of key locations:
- Kyle Kalkofen (Chicago, IL)
- Amy Ivy (Denver, CO)
- Gill Dolan (Houston, TX)
- Blake Willeford (Houston, TX)
- Jason Gaffner (Los Angeles, CA)
- Mackenzie Kerin (Los Angeles, CA)
- Federico Calaf (Miami, FL)
- Aman Mekonen (New York, NY)
- Kristin Ellbogen (San Diego, CA)
- Bryan Foxley (Seattle, WA)
“We’ve been doing small loan lending for more than 15 years and today are as deeply committed as ever to investing in the talent needed to serve borrowers in this space,” said Wolf.
“We greatly appreciate Greystone’s continued support of the Small Balance Loan platform, which has delivered speed, efficiency and certainty of execution to small rental properties across the United States,” said Stephen Johnson, vice president of Freddie Mac’s Small Balance Loan Business. “Greystone’s commitment to meeting the needs of borrowers in the middle-market has been proven by the many milestones we’ve shared together since launching the SBL platform in 2014.”
Earlier in 2018, Greystone reached the milestone of providing 1,000 Freddie Mac Small Balance Loans since the program’s inception in October 2014. In addition to closing the first loan on the platform, in 2017 Greystone also was the first lender to close $1 billion in Freddie Mac Small Balance Loans in a calendar year.