{"id":3848,"date":"2021-09-07T10:39:24","date_gmt":"2021-09-07T15:39:24","guid":{"rendered":"https:\/\/1reason.com\/re\/greystone-closes-900-million-cre-clo\/3848\/"},"modified":"2021-09-08T05:39:24","modified_gmt":"2021-09-08T10:39:24","slug":"greystone-closes-900-million-cre-clo","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/greystone-closes-900-million-cre-clo\/3848\/","title":{"rendered":"Greystone Closes $900 Million CRE CLO"},"content":{"rendered":"
, a $900 million Commercial Real Estate Collateralized Loan Obligation (CRE CLO) backed exclusively by bridge loans on primarily multifamily properties. <\/p>\n

Greystone CRE Notes, 2021-FL3 Ltd. is the company\u2019s fourth CRE CLO. The initial collateral pool for 2021-FL3 consists of 20 whole loans and 10 loan participations totaling $722.8 million that Greystone originated. The loans are secured by mortgages on 39 properties in 13 states. Greystone will invest the remaining $177.2 million of CLO proceeds over the next 180 days into comparable mortgage loan assets. The CRE CLO provides accretive financing at a weighted average coupon at issuance of L+1.32%, a record pricing for a 3-year managed CRE CLO transaction.<\/p>\n

\u201cWe are thrilled that the market has been receptive to CRE CLOs to date in 2021, as we have a quality collateral pool built up from the demand of our growing bridge lending platform, which is seeing a two-fold increase in activity over the last year,\u201d said Ross Gusler, Senior Vice President of Corporate Finance and Capital Market Finance at Greystone. The firm continues to build its bridge-to-Agency lending platform as additional support to the company\u2019s top-ranked government-backed permanent lending solutions, with over $2 billion in short-term bridge loans already provided to borrowers through Q2 2021. \u201cThe overwhelming demand for this CRE CLO transaction exhibits Greystone\u2019s strengths as a multifamily capital provider and asset manager, and we are gratified to have completed our largest CRE CLO to date as the market continues its recovery,\u201d Gusler added.<\/p>\n

The three-year actively managed CRE CLO offered six classes of notes rated investment grade, including a $502.9 million Class A tranche rated Aaa by Moody\u2019s and Kroll Bond Rating Agency. In total, the investment grade offered bonds represented 83% of the $900 million of fully ramped collateral mortgages.<\/p>\n

Greystone\u2019s active participation in the broader multifamily market extends beyond mortgage lending to include sales advisory services, CRE asset management, and ownership\/operational activities. The company is the #1 provider of HUD loans for commercial properties* and is a top 10 Fannie Mae and Freddie Mac multifamily lender.<\/p>\n

Wells Fargo Securities, LLC, acted as sole structuring agent, and J.P. Morgan Securities LLC, UBS Securities LLC, and Goldman Sachs were co-lead bookrunners and placement agents of Greystone CRE Notes 2021-FL3, Ltd. with U.S. Bank National Association serving as Trustee.<\/p>\n

This press release is for informational purposes only. It shall not constitute an offer to sell or a solicitation of an offer to buy any securities.<\/p>\n

About Greystone<\/strong>
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through GSC and GFC and\/or other Greystone affiliates. For more information, visit www.greystone.com<\/a>.<\/p>\n

*HUD rankings are based upon combined originations of Greystone Servicing Company LLC (\u201cGSC\u201d), Greystone Funding Company LLC (\u201cGFC\u201d).<\/p>\n

PRESS CONTACT:<\/strong>
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

Majority Multifamily Offering Highlights Strength in Capital Demand for Apartment Financing<\/p>\n

NEW YORK, Aug. 11, 2021 (GLOBE NEWSWIRE) — Greystone, a leading commercial real estate finance company, announced the closing on August 10, 2021, for Greystone CRE Notes, 2021-FL3 Ltd.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/3848"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=3848"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/3848\/revisions"}],"predecessor-version":[{"id":3862,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/3848\/revisions\/3862"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=3848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=3848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=3848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}