NEW YORK, NY - Greystone, a leading national provider of multifamily and commercial mortgage loans, today announced the formation of the Greystone Bassuk Group, a joint venture with The Bassuk Organization. The Bassuk Organization has been a leader in providing real estate investment banking services to owners and developers in the New York Tri-State area for over 15 years. The new group will provide expanded real estate and financial services, including creative debt and equity financing, to commercial real estate clients with multifamily assets across the United States.
Greystone offers a wide variety of multifamily and healthcare financing solutions, including Fannie Mae, Freddie Mac, Bridge and FHA loan products. The firm manages more than $15 billion in assets and consistently ranks among the top Fannie Mae DUS© and FHA lenders. With 25 years of experience in government agency lending and loan restructuring, Greystone truly is a thought leader in the industry.
Richard Bassuk is chairman and CEO of The Bassuk Organization, Inc. (TBO), and also co-founded The Singer and Bassuk Organization (SBO) in 1996. He is recognized as one of New York's pre-eminent real estate investment bankers and mortgage brokers - bringing lenders and equity investors to developers and owners to provide them with debt and equity for the acquisition, construction and permanent phases of a project.
Stephen Rosenberg, founder and CEO of Greystone, said, "By combining Greystone’s and The Bassuk Organization’s strengths, we plan to make cutting edge products available to our many clients, offering them an in depth range of services including providing bridge and permanent loans and other financial resources to facilitate acquisition financing, refinancing and restructuring. We believe that Greystone's 500+ financial services employees will broaden the joint venture's ability to provide a multi-faceted approach to commercial real estate financing nationwide.”
Said Mr. Bassuk, “The Greystone Bassuk Group will combine the national reach, expanded platform, financial strength and creative programs of Greystone with The Bassuk Organization's presence in the New York marketplace and its decades of experience providing financing and consulting services, including 80/20 transactions and arranging development and permanent financing for large scale rental and condominium projects for some of New York's most sophisticated developers and owners.”
Mr. Bassuk has long served the New York development community, having arranged financing of over $4 billion for new developments and redevelopment projects throughout New York, in up and coming areas as well as established neighborhoods. New York's most prolific and experienced developers look to Mr. Bassuk for guidance and solutions for their financing needs.
Bassuk was previously president of Starrett Housing Corporation, one of New York's largest diversified public real estate companies. As Starrett's President, Mr. Bassuk was responsible for the initiation and supervision of all of Starrett's development activities, including the development and/or construction of over 20,000 units of residential housing and numerous projects involving government subsidies, including 80/20 projects.
The joint venture is currently developing highly innovative programs that take advantage of historically low interest rates, utilizing the vast experience and resources of both organizations. The venture will share office space within Greystone’s New York headquarters.