By Scott Baltic, Contributing Editor
Greystone and The Bassuk Organization, both of New York, have formed the appropriately named Greystone Bassuk Group, a joint venture intended to provide expanded real estate and financial services, including ?creative debt and equity financing,? to CRE clients with multi-family assets across the United States, the two companies announced yesterday. The JV will be based at Greystone?s headquarters.
As a leading national provider of commercial mortgage loans, Greystone offers a variety of multi-family and healthcare financing solutions, including Fannie Mae, Freddie Mac, bridge and FHA loan products. It currently manages more than $15 billion in assets.
The Bassuk Organization has provided real estate investment banking services to owners and developers in the tri-state New York City area for more than 15 years. Chairman and CEO Richard Bassuk has arranged financing totaling more than $4 billion for development and redevelopment projects throughout New York. He was previously president of Starrett Housing Corp., one of New York?s largest diversified public real estate companies, where he was responsible for the development of more than 20,000 units of residential housing and numerous projects involving government subsidies, including 80/20 projects.
Both Bassuk and Greystone founder and CEO Stephen Rosenberg outlined for Commercial Property Executive what each organization brings to the JV.
?My business is extremely strong,? said Bassuk, ?and this venture enables me to further expand and institutionalize this business by providing my services to Greystone clients. This particularly applies to 80/20 and large-scale conventionally financed deals. Working with Greystone offers the national reach, expanded platform, financial strength and creative programs to build on the success of The Bassuk Organization. Greystone?s 500-plus financial services employees will broaden the joint venture?s ability to provide a multi-faceted approach to commercial real estate financing nationwide.?
?The Bassuk Group provides access to the hard-to-penetrate New York metropolitan market,? Rosenberg said, ?and has decades of experience providing financing and consulting services to some of New York City?s largest developers and owners. The new venture will utilize the Bassuk Group?s vast expertise in 80/20 and large-scale financing deals in New York and expand this activity geographically in major markets throughout the U.S.?
Both parties emphasized the creative/innovative solutions the JV intends to offer. Bassuk explained the context this way: ?After several years where financing activity has been relatively slow, activity is now accelerating, and multi-family is the investment of choice for lenders and investors because of the favorable risk profile. This is particularly true of structured 80/20 financing.?
?Since we already know the borrowers, the lenders and the programs, especially 80/20,? he added, ?the Greystone Bassuk Group has a big advantage in having these established relationships with many of New York?s leading owners and developers. In addition, Greystone?s major Fannie Mae and Freddie Mac experience will allow us to integrate construction and permanent financing at one time, which some borrowers will find extremely advantageous.?
buffalo wings superbowl kick off time 2012 new york giants hot wings recipe 7 layer dip recipe chris carter superbowl 2012 kickoff time
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.