Greystone

What Greystone does

Greystone is a national, privately held commercial real estate finance, investment, and advisory firm founded approximately 1990 and headquartered at 152 West 57th Street, New York, operating through Greystone & Co. II LLC and wholly owned subsidiaries including Greystone Funding Company LLC (origination), Greystone Servicing Company LLC ($100B servicing portfolio), Greystone Real Estate Capital (LIHTC syndication), Greystone Affordable Housing Initiatives, Greystone Real Estate Advisory Group, and affiliated INTE Securities LLC (FINRA/SIPC broker-dealer). The firm employs 1,000+ commercial real estate professionals across production offices in New York, Chicago, Atlanta, and Los Angeles, and originated $13B of loans in 2025 (FY 2025 HUD firm commitments of $2.6B making it #1 in multifamily and healthcare by dollar volume). Its product set spans the full CRE capital stack — Fannie Mae DUS, Freddie Mac Optigo, FHA/HUD MAP (Sections 221(d)(4), 223(f), 223(a)(7), 232, 241(a), 242, plus the FHA HUD Express Lane), bridge and mezzanine loans, CMBS, tax-exempt bonds (via GHI), preferred equity, LIHTC equity syndication, and proprietary CRE CLO securitization vehicles ($901.3M multifamily in May 2025 and $451.6M healthcare in October 2025).

Greystone's core technology is an integrated origination-to-securitization platform rather than a single software product: it underwrites and funds bridge loans on multifamily and healthcare properties on its own balance sheet, then warehouses and securitizes them through CRE CLOs, retaining mezzanine and excess-spread tranches. Servicing is supported by a client portal (my.greystone.com) and a Microsoft-based identity and apps infrastructure serving 1,000+ users. Distribution is dual-channel: an in-house direct sales force of 1,000+ relationship managers and loan originators, augmented by a flagship joint venture with Cushman & Wakefield that co-originates financing through the brokerage giant's CRE capital-markets platform.

The business model is multi-stream: origination fees, mark-ups, and structuring fees on each closed loan (transaction fees); recurring servicing fees on the $100B primary and special servicing portfolio (managed services); LIHTC syndication and asset management fees (subscription/recurring); retained spread on CLO securitizations (usage-based); broker-dealer commissions via INTE Securities; and capital-markets advisory fees for engagements such as the $288M Cross River Bank CMBS securitization. Pricing is quote-based and transaction-specific across loan-amount bands ($3M-$5M, $5M-$15M, $15M-$50M, $50M+) by asset and loan type. In March 2026, Greystone announced the sale of its CRE loan special servicing business to C-IV Capital Partners (closing expected mid-2026), a strategic refocus on origination and primary servicing.

Name

Greystone

Legal name

Greystone & Co. II LLC

Website

https://greystone.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Greystone is a national commercial real estate finance firm that originates, services, and securitizes Fannie Mae, Freddie Mac, FHA/HUD, bridge, CMBS, and LIHTC debt and equity for multifamily, healthcare, seniors housing, and affordable housing sponsors across the U.S.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Lending

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Mortgage and Nonmortgage Loan Brokers (52231), Other Financial Vehicles (525990)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Mortgage Bankers & Loan Correspondents (6162), Investment Advice (6282), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Real Estate Capital Markets Brokerage (Debt & Equity Placement) (FSAEAJAK)

akta.pro secondary industries

Pool/Portfolio Mortgage Insurance (Bulk & Flow Coverage) (FSALAJAF), Direct Lending — Specialty Finance (Consumer/SME Lending Platforms) (FSAHAJAF)

Keywords

• Commercial real estate lending
• FHA/HUD multifamily financing
• Freddie Mac Optigo lending
• Healthcare bridge loans
• LIHTC tax credit syndication

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Loan Origination Volume (Agency & Proprietary Debt): $13B of total loan originations in 2025 across FHA/HUD, Fannie Mae, Freddie Mac, bridge, mezzanine, CMBS, and debt-placement/equity products. Revenue comes from origination fees, mark-ups on funded balances, and ancillary structuring fees on each closed loan.
2. Primary & Special Loan Servicing: Recurring fee stream generated from a $100B primary and special loan servicing portfolio. Includes servicing released and retained premiums on FHA, Fannie Mae, Freddie Mac, bridge, and CMBS loans.
3. LIHTC Syndication Fees & Equity Management: Greystone Real Estate Capital provides Low-Income Housing Tax Credit syndication and asset management, generating origination/syndication fees plus recurring asset-management fees on closed tax-credit equity funds.
4. Proprietary Bridge Lending & Securitization Spread: Origination-to-securitization model: originate bridge loans on multifamily and healthcare properties, then warehouse and securitize via CRE CLOs and Healthcare CLOs, retaining mezzanine/excess spread tranches for ongoing yield.
5. Securities Brokerage Commissions: All securities transactions are effected through INTE Securities LLC (member FINRA/SIPC), generating brokerage commissions on securitization and capital-markets advisory.
6. Advisory & Consulting Fees: Specialized consulting engagements, such as advising Cross River Bank on its first $288M CMBS securitization, produce advisory and consulting revenue beyond origination.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels8 records

Core offering

Greystone is a national commercial real estate finance, investment, and advisory firm that originates, underwrites, services, and invests in loans across a multi-platform lending stack spanning Fannie Mae DUS, Freddie Mac Optigo, FHA/HUD, bridge, mezzanine, CMBS, tax-exempt bonds, preferred equity, and proprietary structured securitizations (CRE CLOs and Healthcare CLOs). It serves owners, developers, and sponsors of multifamily, healthcare, seniors housing, affordable, and commercial properties with a $100B+ primary and special loan servicing portfolio, while operating a dedicated LIHTC equity syndication platform under Greystone Real Estate Capital.

Product overview

Greystone is a national commercial real estate finance company operating as a multi-platform lender rather than a single product. Its core offering is a suite of lending platforms — Fannie Mae (DUS), Freddie Mac (Optigo), FHA/HUD, Bridge & Mezzanine, CMBS, Tax-Exempt Bonds, Preferred Equity, and Structured Products (CRE CLOs) — deployed across the Multifamily, Healthcare, Seniors Housing, Affordable Housing, and Commercial property verticals. Origination is complemented by a $100B+ Primary & Special Loan Servicing portfolio (with the special-servicing business divesting to C-IV Capital Partners in 2026), a dedicated Greystone Affordable Team for LIHTC/affordable origination, and Greystone Real Estate Capital as a sub-brand LIHTC equity syndicator. Greystone also runs the Cushman & Wakefield/Greystone joint venture (publisher of the annual Insights Magazine) and the GLOW CRE Podcast as industry resources. In FY2025 Greystone ranked #1 overall in HUD multifamily and healthcare lending by dollar volume.

Differentiator

Problem solved

Functional benefit

Brands

• Greystone Real Estate Capital: Privately held tax credit syndicator offering client-centric affordable housing services with diversified debt and equity capital solutions for investors and developers of LIHTC properties.
• Greystone Real Estate Advisory Group
• Greystone Affordable Housing Initiatives
• Greystone Housing Impact Investors (GHI)

Products and services

• Fannie Mae Loan Programs Suite of Fannie Mae DUS Delegated Underwriting and Servicing agency loan programs covering multifamily and seniors housing, including Fixed-Rate, Structured Adjustable-Rate (SARM), Green Rewards, Near-Stabilization, Small Mortgage, Supplemental, Moderate Rehabilitation Supplemental, Bond Credit Enhancement, MAH Preservation, Manufactured Housing Community, Student Housing, and Seniors Housing products.
• Freddie Mac Loan Programs Suite of Freddie Mac Optigo agency loan programs covering conventional and affordable multifamily, seniors housing, student housing, and manufactured housing, including Conventional Fixed-Rate, Floating-Rate, Small Loan, Value-Add, Lease-Up, Utility Efficiency, Direct Purchase of Tax-Exempt Loans, Seniors Housing, Affordable Preservation Rehabilitation, 9% LIHTC Cash, Bond Credit Enhancement with 4% LIHTC, and Targeted Affordable Housing Preservation.
• FHA/HUD Loan Programs Full suite of FHA/HUD-insured financing under Section 232 (healthcare), Section 223(f) (multifamily acquisition/refi), Section 221(d)(4) (new construction/substantial rehab of multifamily), Section 223(a)(7) (refi of existing HUD debt), Section 241(a) (supplemental improvement loans), Interest Rate Reduction, and FHA HUD Express Lane for multifamily and healthcare borrowers.
• Multifamily Bridge Loan Program Short-term, interest-only bridge financing for multifamily properties, typically structured with 24-month terms and extension options, used to bridge acquisitions, refinances, or transitions to permanent agency or HUD take-out. Loans back Greystone's multifamily CRE CLO securitizations.
• Healthcare Bridge Loan Program Short-term bridge-to-HUD financing for seniors housing, assisted living, skilled nursing, and memory care properties, structured as 24-month interest-only bridge loans with extension options that transition into permanent FHA/HUD financing. Loans serve as collateral for Greystone's healthcare CLO.
• Short-Term Mezzanine Financing Loan Program Short-term mezzanine financing for commercial real estate transactions, designed to complement senior debt originated through agency or bridge sources.
• Fannie Mae + Greystone Mezzanine Loan Program Coordinated Fannie Mae senior debt plus Greystone mezzanine loan package that allows multifamily sponsors to access higher combined leverage through a single origination relationship.
• GHI Multifamily Tax-Exempt Construction-to-Perm Financing Construction-to-permanent tax-exempt bond financing for new multifamily affordable housing, offered through Greystone Housing Impact Investors LP (GHI).
• GHI Multifamily Tax-Exempt Bond Direct Purchase Direct purchase of tax-exempt multifamily housing bonds by Greystone Housing Impact Investors LP (GHI).
• CMBS Lending Fixed-Rate Loan Program Fixed-rate CMBS conduit loan program for commercial real estate properties, complemented by advisory on CMBS securitization transactions for community banks and other CRE lenders.
• Preferred Equity Program Preferred equity capital for commercial real estate sponsors that complements senior debt with structured equity to close financing gaps or support recapitalizations.
• Greystone Real Estate Capital (LIHTC Syndication) Privately held Low-Income Housing Tax Credit (LIHTC) syndication platform providing tax credit equity and full capital-stack solutions for affordable housing investors and developers. Includes origination/syndication fees and recurring asset management fees on closed tax credit equity funds.
• Structured Products (CLO Platform) Proprietary CRE CLO issuance program that securitizes bridge loan portfolios. Includes the $901.3M multifamily CRE CLO (May 2025) and $451.6M healthcare CLO (October 2025), creating a fully integrated lending-to-securitization platform.
• Primary & Special Loan Servicing Loan servicing portfolio exceeding $100 billion covering primary and special servicing of agency, FHA/HUD, and bridge loans, generating recurring servicing-released and retained premiums.

Quantifiable outcome

• Ranked #1 in dollar volume of HUD multifamily and healthcare firm commitments in FY 2025, originating $2.6B in loans (40 multifamily and 83 healthcare properties).
• +3 more outcomes

Named customers14 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered flagship, major, core and minor.

• Cushman & WakefieldflagshipStrategic or Co-development PartnerGreystone and Cushman & Wakefield operate a joint venture that co-originates CRE financing through C&W's capital-markets platform. The relationship is featured in Greystone's main navigation (greystone.com/joint-venture/cushman-wakefield) and supported by a co-published annual Insights Magazine covering the 2026 Interest Rate Outlook, Multifamily Outlook 2026, HUD lender ranking, and Senior Living & Care sector highlights. Cushman & Wakefield also has a $177M Greystone joint venture on its books.
• C-IV Capital PartnersmajorStrategic or Co-development PartnerC-IV Capital Partners agreed to acquire Greystone's commercial real estate loan special servicing business in a deal announced on March 31, 2026, with closing expected in mid-2026 (Q2 or Q3 2026). Financial terms were not disclosed. The transaction allows Greystone to focus on its multifamily and healthcare finance origination and primary servicing businesses, while transferring special servicing operations to C-IV.
• Harmony Housing Affordable Development Inc. (HHAD)coreStrategic or Co-development PartnerLong-standing developer partner on USDA 538 / LIHTC affordable housing transactions. Greystone provided $52.55M USDA 538 construction-to-perm debt and syndicated $28.4M LIHTC equity for HHAD's 640-unit rehabilitation of 10 rural North Carolina properties. HHAD also has a structural relationship with Greystone through the related Harmony Housing nonprofit, which shares seven of eleven board members with Greystone executives and paid Greystone over $13M per year for property management services between 2021-2023.
• Cross River BankminorStrategic or Co-development PartnerGreystone consulted on Cross River Bank's $288 million CMBS securitization — the first of its kind for Cross River and only the second community-bank-originated CMBS backed by seasoned loans in the Tri-state Area. The deal establishes a recurring advisory relationship between Greystone and community banks seeking to access CMBS execution.
• Axonic CapitalminorChannel Partner/ Reseller/ DistributorGreystone is one of three co-origination partners (alongside CBRE and Walker & Dunlop) used by Axonic Capital to originate alternative-agency middle-market multifamily loans. Axonic funded ~$300M of such loans in Q2 2025 and targets $600M by year-end and $3B+ the following year.
• Lincoln Avenue Capital & Fairview Housing PartnersminorStrategic or Co-development PartnerDevelopment team on Cottonwood Ranch Apartments (300 units, Casa Grande, AZ), in partnership with Freddie Mac Multifamily. Greystone secured a $39.2M Freddie Mac forward commitment in 2023 to deliver permanent financing upon completion. All apartments are affordable to residents earning 50%-60% of area median income.
• Landura Investment CompanyminorStrategic or Co-development PartnerCo-developer with Harmony Housing Affordable Development Inc. on the 640-unit Landura portfolio across rural North Carolina, financed by Greystone with $52.55M USDA 538 debt and $28.4M LIHTC equity.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Walker & Dunlop: Public CRE finance company and one of the largest Fannie Mae/Freddie Mac and FHA/HUD multifamily lenders in the U.S. Direct competitor in agency multifamily and healthcare lending with similar product breadth and GTM motion.
• NewPoint Real Estate Capital: Agency multifamily and seniors housing lender (formerly part of JPMorgan). Direct competitor offering Fannie Mae, Freddie Mac, FHA/HUD and bridge financing — and the firm from which Greystone's new COO, Nicholas Gesue, was recruited.
• Berkadia: Joint venture between Berkshire Hathaway and Leucadia that is a top-5 commercial real estate lender and servicer. Direct competitor in agency multifamily, seniors housing, and FHA/HUD lending with comparable servicing scale.
• Capital One Multifamily Finance: Top-tier Fannie Mae DUS and Freddie Mac Optigo multifamily lender owned by Capital One. Direct competitor in agency multifamily with comparable product suite and target customer base.
• Lument: CRE lender formed from the merger of OREC (formerly ORIX Real Estate Capital) and Hunt Real Estate Capital. Direct competitor in agency multifamily, seniors housing, and affordable/LIHTC finance with similar specializations.

Broad incumbents

• JLL (Jones Lang LaSalle): Global CRE services and capital markets firm offering investment sales, debt placement, equity placement, and advisory. Overlaps with Greystone on debt placement and CMBS advisory (e.g., the Cross River Bank CMBS type of mandate) though much broader in scope.
• CBRE: World's largest CRE services firm with a substantial debt placement and structured finance practice. Listed alongside Greystone as a co-origination partner with Axonic Capital for alternative-agency middle-market multifamily loans.
• Cushman & Wakefield: Global CRE services and capital markets firm that is also Greystone's JV partner in the Greystone | Cushman & Wakefield financing joint venture. Competitor in CRE debt advisory while simultaneously a distribution partner.
• PGIM Real Estate: Global CRE investment, lending, and debt placement business of Prudential Financial. Overlaps with Greystone on CRE debt, structured finance, and capital-markets distribution, though at much larger scale and broader mandate.

Emerging players

• Boston Financial: One of the largest Low-Income Housing Tax Credit (LIHTC) syndicators in the U.S. Direct peer to Greystone Real Estate Capital's LIHTC syndication platform — and the firm that Greystone's LIHTC CEO Greg Voyentzie previously led.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/greystonelending
• LinkedInlinkedin.com/company/greystonecref
• Instagraminstagram.com/greystonecref
• Xx.com/greystoneco

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries7 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greystone