A joint venture between Conquest Housing and BLVD Communities has refinanced a five-property portfolio of affordable communities. Greystone, along with a pair of joint venture partners, closed $67.5 million in bridge financing for the assets.
The transaction was brought to Greystone by Cushman & Wakefield and was funded by a Greystone Monticello affiliate. The deal refinances a 619-unit portfolio of Section 8 HAP assets completed between 1960 and 1987. Markets represented include Toms River, N.J.; Toledo, Ohio; Maumelle, Ark.; and Milwaukee, Wisc. The properties involved are all garden-style communities.
The loan origination team for Greystone was led by Eliav Dan, Gary Stellato and Max Spelling. Comprising the Greystone Monticello financing team were Alan Litt, Tom Lally, Joseph Borenstein and Jonathan Cohen. Leading the Cushman & Wakefield team were Rob Rubano, Marc Renard, Keith Padien, Brian Share, Joseph Lieske and Ernesto Sanchez.
“This transaction represents an important milestone in bridging together—pun intended—the unique capabilities of Cushman & Wakefield, Greystone and Greystone Monticello to ensure our clients have access to the widest range of services to meet their needs,” Dan, senior managing director, told Multi-Housing News.
In a prepared statement, a Greystone official characterized the transaction as “seamless” and said it had been completed in spite of often volatile market conditions.
It noted the transaction provided evidence of the synergies created in the Cushman & Wakefield Greystone joint venture, which enabled the provision of financing products and solutions, capital markets expertise and sales-advisory services.
The Greystone Monticello joint venture provides a broad array of bridge financing options in the multifamily and seniors housing industries. Two months ago, Greystone’s Pharrah Jackson-Rowell discussed affordable housing loans.