Greystone's Multifamily Business

What Greystone's Multifamily Business does

Greystone is a privately held U.S. commercial real estate finance, investment, and advisory firm founded in 1990 and headquartered in New York City (152 West 57th Street). Operating as Greystone & Co. II LLC with wholly-owned operating subsidiaries including Greystone Funding Company LLC (lending), Greystone Servicing Company LLC (loan servicing), INTE Securities LLC (securities transactions), and Greystone Real Estate Capital (LIHTC equity syndication), the company originates, services, and structures capital across the full commercial real estate capital stack. In October 2021, Cushman & Wakefield acquired a 40% minority stake in Greystone's Agency, FHA, and Servicing businesses for $500 million at a $1.75 billion post-money valuation, forming a strategic joint venture. Greystone originated $13 billion in loans in 2025 across Fannie Mae, Freddie Mac, FHA/HUD, bridge, mezzanine, CMBS, USDA, and proprietary products, and services a portfolio exceeding $100 billion. The firm ranked #1 HUD Multifamily & Healthcare Lender for HUD's fiscal year 2025.

Greystone's product suite covers the entire multifamily, affordable housing, healthcare/seniors, commercial, and manufactured housing capital stack: Fannie Mae and Freddie Mac Agency programs (fixed/floating, affordable preservation, seniors, student, small loans, manufactured housing, supplemental financing); FHA/HUD programs (Section 223(f), 221(d)(4), 232, 223(a)(7), 241(a), IRRRL, Express Lane); bridge and mezzanine loans; preferred equity; CMBS fixed-rate lending; tax-exempt bond financing (GHI); and LIHTC equity syndication. Revenue is generated through three primary streams: loan origination interest and fees (transaction-fee based on $13B in annual volume), recurring servicing fees on the $100B primary and special servicing portfolio, and LIHTC equity syndication and asset management fees. Pricing is quote-based and negotiated per transaction. Distribution is enterprise-led through a national sales force of relationship managers, loan originators, and managing directors, supported by a dedicated affordable housing team and an inside sales channel handling mid-market and website-driven inquiries.

The company serves five primary customer segments: multifamily property owners and developers (primary), healthcare and seniors housing operators, affordable housing developers utilizing LIHTC and USDA programs, commercial property owners, and manufactured housing community developers. Technology infrastructure consists of authenticated client-facing loan servicing portals and internal employee systems; no external API, SDK, or documented AI/ML capabilities are described in available materials. Recent strategic moves include the 2024 launch of Greystone Real Estate Capital, the August 2025 close of its inaugural LIHTC Fund, and the 2023 hiring of Greg Voyentzie (former Boston Financial CEO) to lead the affordable housing equity franchise.

Name

Greystone's Multifamily Business

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 U.S. commercial real estate finance firm originating and servicing multifamily, affordable housing, healthcare, and commercial loans across Fannie Mae, Freddie Mac, FHA, bridge, and LIHTC equity platforms, serving property owners and developers nationwide.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Finance

NAICS

Real Estate Credit (522292), Mortgage and Nonmortgage Loan Brokers (52231)

SIC

Mortgage Bankers & Loan Correspondents (6162), Loan Brokers (6163), Asset-Backed Securities (6189)

akta.pro primary industry

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF)

akta.pro secondary industries

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB), Mezzanine / Subordinated Debt (FSANADAC), Real Estate Credit / Debt Funds (FSANAEAJ), Real Estate Capital Markets Brokerage (Debt & Equity Placement) (FSAEAJAK)

Keywords

• Multifamily real estate finance
• Commercial real estate lending
• Affordable housing financing
• HUD FHA lending
• LIHTC equity syndication

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 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 Interest and Fees: Greystone earns interest income and origination fees on loans closed across its Agency (Fannie Mae, Freddie Mac), FHA, USDA, and bridge lending platforms. Loan origination is the primary revenue driver, with $13B in total loan originations for 2025.
2. Loan Servicing: Greystone earns recurring servicing fees on its $100B primary and special loan servicing portfolio. Servicing revenue provides a stable, recurring income stream tied to the outstanding loan book.
3. LIHTC Equity Syndication: Greystone syndicated Low-Income Housing Tax Credit (LIHTC) equity for affordable housing developments, generating fees from structuring and placing LIHTC capital with investors.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels9 records

Core offering

Greystone originates, underwrites, and services commercial real estate loans for multifamily, affordable housing, seniors housing/healthcare, commercial, and manufactured housing properties through agency lending programs (Fannie Mae, Freddie Mac), government-insured programs (FHA/HUD, USDA), bridge and mezzanine financing, CMBS, tax-exempt bond financing, and LIHTC equity syndication. The company also services a $100B loan portfolio and operates Greystone Real Estate Capital as its dedicated affordable housing equity platform.

Product overview

Greystone is a commercial real estate lending, investment, and advisory company operating as a full-service capital solutions provider. The portfolio consists of multiple integrated loan product platforms — Fannie Mae, Freddie Mac, FHA/HUD, Bridge & Mezzanine, CMBS, Tax-Exempt Bond Financing, and LIHTC Syndication — alongside loan servicing and a dedicated affordable housing equity platform (Greystone Real Estate Capital). Products are offered through affiliated entities Greystone Servicing Company LLC, Greystone Funding Company LLC, and INTE Securities LLC. The company originated $13 billion in loans in 2025 and services a $100 billion portfolio, ranking as a top FHA and GSE lender. A 2021 joint venture brought Cushman & Wakefield as a 40% partner in the Agency, FHA, and Servicing businesses.

Differentiator

Problem solved

Functional benefit

Products and services

• Fannie Mae Loan Products Suite of multifamily financing programs underwritten through Fannie Mae, including fixed-rate loans, green rewards, moderate rehabilitation, near-stabilization, seniors housing, student housing, small mortgages, manufactured housing, and supplemental financing for affordable and market-rate properties.
• Freddie Mac Loan Products Suite of multifamily financing programs underwritten through Freddie Mac, including conventional fixed and floating rate loans, affordable preservation, targeted affordable housing, seniors housing, student housing, small loans, manufactured housing, lease-up loans, utility efficiency loans, LIHTC cash loans, bond credit enhancement, and supplemental financing.
• FHA/HUD Loan Products Federal Housing Administration loan programs including Section 223(f) for multifamily acquisition and refinancing, Section 221(d)(4) for construction and substantial rehabilitation, Section 232 for healthcare properties, Section 223(a)(7) for refinancing existing HUD-insured debt, Section 241(a) for supplemental improvements, interest rate reduction refinancing, and Express Lane processing.
• Bridge & Mezzanine Financing Short-term bridge loan programs for multifamily and healthcare properties, short-term mezzanine financing, and combined Fannie Mae + Greystone mezzanine structures providing flexible gap capital for value-add acquisitions, repositionings, and transitional assets.
• CMBS Lending Commercial Mortgage-Backed Securities fixed-rate loan program for multifamily properties, providing another capital markets execution option beyond agency lending.
• Tax-Exempt Bond Financing (GHI) Greystone Housing Impact Investors (GHI) tax-exempt bond programs including multifamily construction-to-perm financing and direct purchase of tax-exempt bonds, often combined with LIHTC equity for affordable housing developments.
• LIHTC Syndication Low-Income Housing Tax Credit equity syndication services through Greystone Real Estate Capital, providing tax credit equity to investors and gap financing to affordable housing developers, including 9% and 4% LIHTC transactions.
• Preferred Equity Program Preferred equity financing solution that sits between senior debt and common equity in the capital stack, providing sponsors with additional leverage capacity for multifamily acquisitions and developments.
• Loan Servicing Primary and special loan servicing for the commercial real estate portfolio, handling payments, investor reporting, compliance monitoring, and asset management for over $100 billion in total servicing portfolio.
• Greystone Real Estate Capital Affordable housing equity platform providing LIHTC syndication, debt and equity capital solutions, and concierge-level services for investors and developers of affordable housing across the U.S.

Quantifiable outcome

• Ranked #1 HUD Multifamily & Healthcare Lender for HUD's fiscal year 2025
• +2 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

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

• Cushman & Wakefieldflagship / majorStrategic or Co-development Partner · 20 October 2021In October 2021, Cushman & Wakefield made a $500 million strategic investment in Greystone, acquiring a 40% minority stake in Greystone's Agency (Fannie Mae, Freddie Mac), FHA, and Servicing businesses via a joint venture. The partnership provided Greystone with additional capital to scale its Agency lending platform while leveraging Cushman & Wakefield's market relationships and brokerage capabilities to expand deal flow.
• Freddie MaccoreStrategic or Co-development PartnerFreddie Mac is an ongoing strategic partner for Greystone's affordable housing and multifamily lending. Greystone originates Freddie Mac multifamily loans as an approved seller/servicer and has partnered on specific developments such as the Casa Grande, Arizona project with Lincoln Avenue Capital and Fairview Housing Partners. Freddie Mac's multifamily loan programs are a core component of Greystone's product suite.
• Fannie MaecoreStrategic or Co-development PartnerFannie Mae is an ongoing strategic partner for Greystone's multifamily and affordable housing lending operations. Greystone originates Fannie Mae multifamily loans as an approved lender and offers Fannie Mae affordable housing programs including LIHTC partnership financing. Fannie Mae products are a core pillar of Greystone's full-stack financing platform.
• Lincoln Avenue Capital and Fairview Housing PartnerscoreStrategic or Co-development PartnerGreystone partnered with Lincoln Avenue Capital and Fairview Housing Partners on a Freddie Mac-financed multifamily development in Casa Grande, Arizona. Greystone provided the financing (Freddie Mac loan products) while Lincoln Avenue Capital and Fairview served as the developers/owners of the affordable housing project.
• Harmony Housing Affordable Development Inc. (HHAD)coreStrategic or Co-development PartnerGreystone formed a developer partnership with Harmony Housing Affordable Development Inc. (HHAD) for an affordable housing portfolio in North Carolina. Greystone provided financing solutions alongside co-developer Landura Investment Company, leveraging Freddie Mac programs and LIHTC equity structuring for the portfolio.
• Landura Investment CompanyminorStrategic or Co-development PartnerLandura Investment Company served as co-developer alongside Harmony Housing Affordable Development Inc. (HHAD) on a North Carolina affordable housing portfolio financed by Greystone. Greystone provided the capital stack (Freddie Mac and/or LIHTC equity) while Landura contributed development expertise as co-developer.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Walker & Dunlop: Walker & Dunlop is the largest pure-play U.S. multifamily commercial real estate finance company and a leading Fannie Mae, Freddie Mac, and FHA originator. It is Greystone's closest direct competitor across Agency lending, FHA lending, and bridge financing, with similar product breadth and customer base. Sarah Meads (Greystone MD) previously worked at Walker & Dunlop.
• Berkadia: Berkadia is a joint venture between Berkshire Hathaway and Jefferies, focused on commercial real estate capital markets with deep multifamily lending capability across Fannie Mae, Freddie Mac, FHA, and CMBS. It competes head-to-head with Greystone in Agency and affordable housing lending.
• Lument: Lument (formerly ORIX Real Estate Capital) provides Fannie Mae, Freddie Mac, FHA, CMBS, and affordable housing financing with a strong LIHTC equity platform (Boston Financial, where Greystone Real Estate Capital CEO Greg Voyentzie previously led). It is one of Greystone's most direct comparables across both lending and LIHTC syndication.
• Newmark Group: Newmark is a global CRE services platform with a substantial multifamily capital markets and GSE lending business inherited from the Berkeley Point Capital acquisition (where Greystone's Pamela LeVault was previously Chief Underwriter). It directly competes with Greystone in Fannie Mae, Freddie Mac, and FHA origination.
• Hunt Real Estate Capital: Hunt Real Estate Capital provides Fannie Mae, Freddie Mac, FHA, and CMBS financing for multifamily and commercial properties. It is a direct peer in Agency lending and affordable housing, with comparable product breadth and customer base.
• Arbor Realty Trust: Arbor Realty Trust is a specialty finance company focused on multifamily bridge, mezzanine, and permanent financing through agency and proprietary products. It directly competes with Greystone's bridge and mezzanine lending business for value-add multifamily borrowers.
• KeyBank Real Estate Capital: KeyBank Real Estate Capital is a major Fannie Mae, Freddie Mac, FHA, and CMBS originator for multifamily and commercial properties. As a bank-affiliated lender, it directly competes with Greystone in agency lending with comparable product offerings.

Broad incumbents

• JLL Real Estate Capital Markets: JLL is a global CRE services firm with a large debt placement and capital markets practice that competes with Greystone's debt placement and structured financing activities. While broader than Greystone, JLL Mortgage Banking overlaps on multifamily agency, FHA, and CMBS origination.
• CBRE Capital Markets: CBRE is the world's largest CRE services firm with a debt and structured finance practice placing multifamily, affordable housing, and commercial mortgages. CBRE Capital Markets competes with Greystone's debt placement business and has broader investment sales and advisory capabilities.
• Cushman & Wakefield: Cushman & Wakefield is Greystone's JV partner (40% owner of Agency/FHA/Servicing businesses) and a global CRE services platform. It competes in capital markets debt placement while also providing referral deal flow to Greystone's origination platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks1 record

Key highlights7 records

Customer concentration

• Facebookfacebook.com/GreystoneCREF
• LinkedInlinkedin.com/company/greystonecref
• Instagraminstagram.com/greystonecref

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments

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

Frequently asked questions about Greystone's Multifamily Business