Multifamily firms GID and Greystar Real Estate Partners recently have announced moves to provide capital solutions. Greystar now has the capability to provide financing to multifamily owners and developers through senior mortgages, mezzanine loans, and preferred equity. GID’s new lending platform, GID Credit, is aimed at providing commercial real estate debt solutions for some of the industry’s largest institutional borrowers.
“Greystar established its credit business in 2018 and has invested nearly $1.5 billion across the continuum of debt instruments collateralized by multifamily assets,” said Wes Fuller, executive managing director and global leader for Greystar’s Investment Management business. “Against that backdrop, we are well-positioned to now provide capital solutions directly to multifamily property owners and developers by further leveraging the knowledge and experience gained from operating our integrated platform to better serve those in need of financing.”
According to Greystar, one of the industry’s top owners, developers, and managers, the firm will focus its direct financing services on multifamily properties in urban and suburban markets, with an emphasis on markets where it already has experience.
“Our lending decisions are driven by access to extensive data and analytics, and a deep level of insight into every major domestic market,” said Brett Lashley, managing director and leader of credit added. “As a result of these actionable insights, an institutional appreciation for the complexities of operating multifamily assets, and a credit team averaging over 17 years of individual experience, we’re able to efficiently underwrite and execute loan originations on behalf of our borrowers.”
GID’s platform will provide transitional, floating-rate bridge loans across all asset classes. GID Credit complements the firm’s existing products while having the benefit of being part of a large owner, operator, and developer of commercial real estate, including over 48,000 multifamily units, 23 million square feet of industrial, and 1 million square feet of retail and office space.
“The addition of GID Credit to our business is true to our company’s purpose and reputation as a trusted real estate fiduciary,” said GID president and CEO Greg Bates. “GID Credit continues our companywide focus on sectors that present good relative value while prioritizing risk management rigor and stability for the investors who rely on us.”
GID Credit’s leadership team has an average of 25 years in real estate investment. It includes Jeff Thompson, former head of private CRE debt for Pimco Alternative Investment Strategies, as co-head and president; Adam Gibbons, former principal and head of originations at CIM Group, as co-head and chief investment officer; Dan Jagoe, former head of asset management and underwriting at Annaly Commercial Real Estate Group, as head of asset management; and Jennifer Keller, a vice president in GID’s debt capital markets and serving as head of capital markets for GID Credit.
“The real estate credit market has diversified and grown significantly in recent years, creating new opportunities for investors,” said Thompson. “Our talented team aims to build a respected credit platform that offers unique value to our clients and aligns with GID’s mission of providing superior real estate solutions that create economic value and advance sustainability.”
