Greystone Expands into Phoenix
- Apr 19, 2017
Greystone & Co. Inc., a national real estate lending, investment and advisory company, has established a presence in Phoenix to facilitate multifamily and commercial real estate lending. Eric Jones will head up the office as its director. The office will focus on Fannie Mae, Freddie Mac, FHA and CMBS real estate finance, serving multifamily owners nationwide.
Jones joined New York-based Greystone last year. Previously, he was a vice president at Aries Capital, based in Phoenix for nine of his 14 years at the firm. While there, he established the company’s agency small loans platform and originated or contributed to over $440 million in permanent and bridge multifamily financing.
Recent examples of transactions closed by Jones include a $1.4 million Freddie Mac Small Balance Loan to refinance a mixed-use property under construction on Haley Street in Santa Barbara, Calif. The owner converted a vacant property into a five-unit residential building with two commercial spaces. A 10-year loan with two years of interest-only and 30-year amortization, the transaction marked the fourth loan closed by Jones for the same property owner.
Also, he oversaw a $2.1 million Freddie Mac Small Balance Loan to refinance a converted 14,000-square-foot commercial space into a two-story, 13-unit apartment building on N. Clark St. in Chicago. The 10-year financing included three years of interest-only with a 30-year amortization.
Phoenix has been a hot market for lending in recent years, though nationwide commercial and multifamily mortgage originations were down 7 percent in 4Q 2016 compared to a year earlier according to the latest Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. MBA’s commercial/multifamily mortgage bankers’ originations index provides a preliminary estimate that originations for the full year 2016 were 1 percent lower than in 2015.