From the March issue: Stephen Rosenberg, the president and CEO of Greystone, founded the real estate lender and private investment group in the back of a friend’s music store in 1988. Today, the company has some $15 billion under management and 5,000 employees nationwide, including 150 in New York. The company is also the nation’s largest originator of multi-family loans insured by the U.S. Department of Housing and Urban Development. While in the past, Greystone did the bulk of its business outside New York, its recent acquisition of the Bassuk Organization, an investment bank that caters to high-profile New York developers — such as the LeFraks and the Rudins — will mean an expansion of the business here. [more]
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Mortgage lender Greystone and the Bassuk Organization, a provider of real estate investment banking services, are launching a joint venture to offer financing products for commercial real estate clients across the U.S., the companies announced today.
Greystone, headquartered in New York City with 17 offices nationwide, manages roughly $15 billion in assets and specializes in multifamily and commercial mortgage loans. The Bassuk Organization, meanwhile, operates as a real estate finance intermediary and advisory firm, with clients drawn from developers and investors in the tri-state area. [more]
Lenders approved by the Federal Housing Administration are “doing extremely well right now,” said Stephen Rosenberg, CEO of commercial lender Greystone. Greystone is involved with several New York properties, including 180 East 93rd Street, an eco-friendly condominium on the Upper East Side built by the company’s development arm, and the Bronx’s Bay Park Center for Nursing and Rehabilitation. Greystone provided $32.6 million to refinance the property in June. Rosenberg told CNBC‘s “Squawk Box” that contrary to a few years ago, when as a Fannie Mae and FHA lender Greystone could scarcely compete with the market, the company now has seen its volume increase dramatically and is looking to hire staff. “We are getting, really, almost inundated with calls from banks — large and small — to purchase their multi-family commercial loan portfolios. Fortunately we are in a position where we are able to purchase because besides being an FHA lender, we are also one of the leading Fannie Mae lenders,” Rosenberg said.