Dealmaker: Greystone Provides $48M for Multifamily

Greystone, New York, provided $48.4 million for North Carolina and Illinois multifamily assets.

In Winston-Salem, N.C., Greystone provided a $36.4 million HUD-insured construction loan under the HUD 221(d)(4) program to Grubb Properties LLC to develop Link Apartments 4th Street, a new 224-unit community.

Link Apartments 4th Street illustration
courtesy Greystone
The FHA-insured financing will fund 85 percent of total project costs.

Paul Fried‍, Executive Managing Director with Greystone Capital Advisors, originated the loan through Greystone Servicing Company LLC. He structured the financing as a non-recourse, fixed-rate construction loan that automatically converts to a 40-year fully-amortizing permanent loan when the property stabilizes.

Link Apartments 4th Street is in downtown Winston-Salem’s main commercial activity thoroughfare. Nearby employment centers include the recently developed Innovation Quarter, a 145-acre district with more than 1.8 million square feet of office, lab and education space.

Greystone also provided a $12.1 million Fannie Mae Delegated Underwriting and Servicing loan to refinance Germain House, a 36-unit multifamily property in Chicago. Managing Director Clint Darby‍ in Greystone’s Chicago office originated the transaction for sponsor 925 Chicago Investment Partners LLC.

The Fannie Mae Near-Stabilization loan carried a 10-year term with four years of interest-only payments. This permanent loan represented an exit from construction financing.

Located in Chicago’s River West neighborhood, Germain House is a mixed-use property with ground-floor retail and loft-style units. The building was converted from commercial office use to multifamily residential in 2018.

“Our clients were able to repurpose this vintage commercial building into a collection of highly desirable, unique market-rate units – a great addition to the River West area,” said Darby.

DUSFannie MaeFHAGreystoneGreystone Capital AdvisorsHUD