Dealmaker: Greystone Provides $155M for Multifamily, Medical Assets
Greystone, New York, arranged $155.4 million for multifamily and medical properties in New York and Texas.
In Brooklyn, N.Y., Greystone closed a $92 million permanent loan with MUFG Union Bank, San Francisco, for The Hudson Cos., New York.
The Hudson Cos. refinanced The Parkline, a 254-unit rental apartment building in Prospect Lefferts Gardens, Brooklyn. Greystone Bassuk President Drew Fletcher and Managing Director Matthew Klauer led the debt placement.
The financing, structured as a direct purchase of bonds together with a new conventional participation loan issued by the New York State Housing Finance Agency, replaced the original construction facility provided by Citibank in 2013. The new 10-year loan has five years of interest-only payments and an earn-out structure to further increase proceeds based on future growth.
The Parkline is an “80/20” multifamily property with 51 units set aside for low-income households earning 60 percent or less of area median income.
Greystone also provided a $36.4 million bridge loan for Parkside Place Apartments in Spring, Texas. Managing Director Donny Rosenberg originated the loan for Ilan Investments, Houston. He said the two-year loan for Parkside Place came with two six-month extension options.
The 384-unit multifamily community delivered in 2015 and will be managed by Adara Communities.
In Niskayuna, N.Y., Greystone provided a $27 million HUD-insured permanent loan to refinance skilled nursing facility Pathways Nursing and Rehabilitation Center. Located just outside Schenectady, the center is affiliated with the state’s largest nursing home network, Sentosa Care.
Greystone Managing Director Fred Levine originated the 30-year fixed-rate FHA financing that will enable Sentosa to upgrade the 112-bed facility’s existing space, construct a new ventilator therapy unit and upgrade the pediatric unit.
