Greystone has closed with investors on the $750 million Greystone Senior Debt Opportunity Fund, which is managed by the firm’s affiliate investment adviser and includes several institutional and large public pension fund investors.
“We are seeing incredible demand for flexible financing options for acquisitions of both stabilized and transitional properties, and this increased capacity enables us to help round out the increasingly complex capital stack for property investors,” said Mark Jarrell, head of the Portfolio Lending Group at Greystone.
The eight-year fund invests in debt financing across a range of real estate properties, encompassing multifamily, healthcare and other commercial real estate assets. With leverage, the fund anticipates an investment capacity of more than $2.5 billion for loan products such as bridge and mezzanine financing.
Greystone has expanded its bridge and mezzanine program that includes senior mortgage bridge financing; a one- to three-year, short-term mezzanine and subordinated debt loan product for multifamily and healthcare properties moving towards a permanent, agency finance exit; and a five- to 10-year CMBS-mezzanine loan product. The firm targets first mortgages starting at $5 million, as well as subordinate financing starting at $1 million.
The Greystone Senior Debt Opportunity Fund is managed by Greystone Bridge Lending Fund Manager LLC, a SEC-Registered Investment Advisor. The global placement advisor was UBS Securities LLC, a placement sub-advisor in Israel was H-A Global and the counsel to Greystone on the transaction was Clifford Chance.