Greystone Teams Up with Joint Venture Partners Greystone Monticello and Cushman & Wakefield on Five-Property Affordable Housing Portfolio Transaction
Greystone announced it has closed $67,450,000 in bridge financing secured by a portfolio of five (5) multifamily properties on behalf of Conquest Housing and BLVD Communities, the Sponsor. The refinancing transaction, which was brought to Greystone by Cushman & Wakefield, and funded by a Greystone Monticello affiliate, comprises a 619-unit portfolio of Section 8 HAP properties across various states including New Jersey, Arkansas, Ohio, and Wisconsin.
Greystone’s loan origination team was headed by Eliav Dan, Gary Stellato, and Max Spelling, and the Greystone Monticello financing team was comprised of Alan Litt, Tom Lally, Joseph Borenstein, and Jonathan Cohen. The Cushman & Wakefield team was led by Rob Rubano, Marc Renard, Keith Padien, Brian Share, Joseph Lieske, and Ernesto Sanchez.
The portfolio of affordable housing includes five suburban, garden-style multifamily communities built between 1960 and 1987 in such markets as Toms River, NJ; Toledo, OH; Maurnelle, AR; and Milwaukee, WI.
“It was a pleasure working with the Sponsor, alongside our partners at Cushman & Wakefield and Greystone Monticello, to deliver a seamless execution during an otherwise volatile market,” said Mr. Dan, Senior Managing Director at Greystone. “This transaction exemplifies the synergies of our recently closed Cushman & Wakefield Greystone joint venture, whereby we can offer our clients a full suite of financing products and solutions, unparalleled capital markets expertise, and sales / advisory services. I’d like to specifically thank Rob’s and Jon’s teams for their commitment to client excellence, as we continue to provide institutional quality solutions to the commercial real estate capital markets.”