Dealmaker: Greystone Provides $43M in New York

(Netherbay at Bay Shore photo Courtesy of Greystone)

Greystone, New York, provided $43.4 million for two New York assets.

In Bay Shore, Long Island, Greystone provided a $25.2 million HUD-insured loan that will convert the original homestead of the Gulden family, a major mustard manufacturer, into a seniors housing community.

Netherbay at Bay Shore, which bears the name of the estate, will feature 72 assisted-living and memory care units. Amenities will include communal dining and lounging areas, an outdoor garden and walking area and a pavilion for outdoor entertainment.

Lisa Fischman of Greystone originated the construction-to-permanent financing on behalf of developers Charles Ferraro and Nicholas Racanelli.

In Brooklyn, the firm provided an $18.2 million Fannie Mae Delegated Underwriting & Servicing loan to refinance a six-story, 154-unit multifamily property. The financing was originated by Anthony Cristi, Managing Director at Greystone.

Located in Brooklyn’s Bedford-Stuyvesant neighborhood, subject property 400 Herkimer Street sits on 18 acres. Built in 1965, the property boasts units ranging from studios, to one-, two-, and three-bedroom units. The fixed-rate Fannie Mae financing included a 10-year term and 30-year amortization.

“With today’s market volatility, it’s critical to lock in an interest rate when they dip,” Cristi noted.