11 Mar Greystone Arranges $50 Million Construction Loan for Adam America’s 299-Unit Multifamily Development in New Haven, CT
NEW YORK, March 11, 2020 (GLOBE NEWSWIRE) — Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced that it has arranged a $50 million leasehold construction facility for Adam America Real Estate (“AARE”). The construction loan was provided by BMO Harris Bank (“BMO”), a Chicago-based banking subsidiary of BMO Financial Group, to finance the development of a six-story, mixed-use multifamily building with 299 units, 206 ancillary parking spaces, and approximately 6,100 square feet of ground floor retail space located at 44 Olive Street in New Haven, CT.
Greystone Capital Advisors’ Drew Fletcher and Matthew Hirsch served as the exclusive advisors in arranging the financing for the Development.
“AARE is a top owner-developer in New York City and the tri-state area. The firm’s dynamic approach to development allows it to be a first-mover in new markets and deliver high-quality, transformative multifamily projects,” said Mr. Fletcher, head of Greystone Capital Advisors. “The financing of 44 Olive Street was a highly structured transaction that required creativity, perseverance, and effort from the working group. We are excited to have contributed to this execution and to have deepened our relationships with AARE and BMO.”
“This new project leads our firm’s expansion into a new market and represents the firm’s first step in entering the multifamily student-oriented housing space. 44 Olive Street provides critical inventory to New Haven which has minimal new multifamily product, low vacancy, and extraordinarily strong demand drivers,” said Omri Sachs, Founder of AARE. “Greystone and BMO delivered a great execution and we are very excited to work with them on future deals,” said Mr. Sachs.
Greystone is a national commercial real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance. Its range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge, and mezzanine. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC, and/or other Greystone affiliates. Greystone Capital Advisors is a full-service real estate capital intermediary and advisory team that services a select group of the most prominent real estate owners and developers across the U.S. For more information, visit www.greyco.com.
AARE is a vertically integrated owner, developer, and operator of residential real estate in New York City. AARE identifies unique investment opportunities, raises funds from international investors, and manages all phases of development via its in-house team and partners. AARE is involved in both rental, condominium and student housing developments. The firm has invested or committed capital to $1.6 billion of projects in various stages of construction. AARE’s current New York City development portfolio includes nearly 15 projects with over 1,800 apartments and over 161,000 square feet of commercial space. To date, AARE has completed more than 1,200 apartments and has approximately 1,600 additional units currently in construction or in predevelopment. For more information, visit www.adamamericare.com.