Greystone Ranks #1 for Freddie Mac Targeted Affordable Housing Lending in 2017
February 1, 2018
Category: Affordable Housing, Freddie Mac
Greystone’s Affordable Housing Lending Team is #1 Freddie Mac Multifamily Affordable Lender
Greystone announced it has ranked #1 in Targeted Affordable Housing (“TAH”) loan origination volume for 2017 by Freddie Mac. Greystone’s Freddie Mac TAH volume included transactions closed as both Forwards and Immediate Fundings and included tax-exempt loan structures, green financing, value add and substantial rehab transactions nationwide.
“We are thrilled to have topped the list of lenders for affordable housing with Freddie Mac in 2017,” said Jeff Englund, Senior Managing Director, Affordable Housing Lending at Greystone. “The support of affordable housing overall is a core tenet of Greystone’s mission in real estate finance, and based on industry demand, we have grown our total affordable lending volume by 156% over the prior year (inclusive of Fannie Mae and FHA Affordable transactions). Our relationship with Freddie Mac is a critical component to achieving our affordable housing finance goals.”
In 2017, Greystone originated the $550 million construction takeout of Sky Residences in New York City, which includes 1,175 housing units—25 percent with long-term affordability restrictions. Greystone also completed the first two transactions under Freddie Mac’s Targeted Affordable Housing Express (TAHX) pilot program, which aims to preserve small affordable housing properties. The pilot program provides customers with a streamlined process leading to lower transaction costs and a faster execution.
“In 2017 we financed more affordable housing units than ever before, and Greystone played a significant part in that success,” said David Leopold, vice president Targeted Affordable Sales & Investments at Freddie Mac Multifamily. “It is a privilege to work alongside our friends at Greystone, and we congratulate them on this accomplishment. We look forward to continuing to work together collaboratively to finance more affordable housing in the years to come.”