Greysteel

Behind every success story lies an exceptional culture! At Greysteel, we take pride in fostering a vibrant, inclusive workplace that empowers our team to thrive and excel. Every day, we collaborate, learn, and grow together, fueled by passion and driven by a shared vision. Join us on this incredible journey of growth and success by visiting our career page today: https://lnkd.in/e-gaHS5b Featured Doug Banerjee, Ian Weisz, and Henry Mathies #commercialrealestate #brokeragefirm #investmentsales

Greysteel welcomes Nate Cleland as Director of the Medical Office Investment Sales team!   Nate co-founded the Medical Office division at Greysteel with Chuck Rich, forming a formidable leadership unit to guide this new team. Nate brings over 15 years of commercial real estate experience and, prior to joining Greysteel, completed over $70M in retail and medical office sales transactions.   Nate will primarily focus on sales for medical office and retail assets in the Mid-Atlantic region. He will also provide guidance on the acquisition or disposition of commercial property, lease negotiations, and growth or retirement strategies for owner-users.   In his free time, Nate enjoys volunteering as a coach for youth soccer, watching Philadelphia sports, and spending time with family.   Link to Profile: https://lnkd.in/en7RmDmz

Last week the Greysteel Affordable Team met up to share information during our summer learning series. Murphy Holloway led the talk on Community Housing Development Organizations (CHDOs). Many in the affordable space are familiar with property tax abatements properties receive by having a CHDO as a GP in states such as TX. This can have a huge impact on the feasibility of the deal by increasing NOI. However, we also talked about other scenarios where it can be accretive to use a CHDO. 15% of HOME funds are set aside for development entities with a CHDO as a participant. Additionally, if a CHDO is the developer, they do not have to pay sales tax on construction materials. CHDOs provide supportive services for residents such as GED training courses or bus services, which can be mandated by the LURA or local housing authority and improve the quality of life for low income tenants. In what scenarios have you seen CHDOs used in affordable housing that are accretive to the financials or the tenants?

We are honored to be named a finalist for #MoxieAwardDC and are so proud of all our advisors for their dedication, hard work, and commitment to excellence.

Sharing a quick video recap of 1H Columbus MSA Multifamily transactions. Pardon my attire. I’m wrapping up a family vacation, which has been amazing! Today’s recap focuses on sales volume 1H 24 compared to 1H 23. According to Costar, only $138M of closed multifamily since 1/1/24 through June, as of today. That’s $20M shy from the same period last year. Three Takeaways: ⬇️ $20M from same period 2023 📉Only 16 transactions vs 52 from same period (last year) 🏢2 trades represented 54% of total sales volume (about $75M) Stay tuned for a few more videos this week. I’ll dig into implications to velocity, on market inventory as well as the overall sentiment that price expectation (bid/ask spread) is adjusting, making some deals transactable that previously didn’t pencil. My take, the “shadow inventory” is hard at work. We are very busy negotiating deals that are not reflected in this data and have completed more BOVs in the last 3 months than historical trends. And remember, Costar data is helpful but often doesn’t tell the whole story. It’s important to consider this data in context. We welcome the opportunity to meet and discuss further. #Advisory #Data #Trending #NowHiring #Multifamily #1H #CRE #Stock #Velocity #SalesVolume

Greysteel is pleased to present a new exclusive listing, Mary Hardesty House in Berryville, VA!   Located in the DC MSA area, Mary Hardesty House sits in a "recession-proof" region and is only a 40-min drive from Dulles International Airport.   Property Highlights:  - 60 units  - Affordable housing  - Senior LIHTC  - Constructed in 1998 using 9% Low Income Housing Tax Credits  - Rent restrictions limit units to tenants earning 60% or less of AMI  - Opportunity to make upfront capital improvements   Location Highlights:  - Officials are prioritizing the expansion of Interstate 81  - Close proximity to Appalachian Trail and Shenandoah River  - Strong public schools  - Low crime rates   View Investment Property: https://lnkd.in/exQ38gD3   Contact Fletcher Hultman, Justin Mazzamaro, or Henry Mathies for More Details: https://lnkd.in/g96RdzdX https://lnkd.in/gDMiJ3NU https://lnkd.in/dcsynwWx   #affordablehousing #seniorLIHTC #multifamilyrealestate #virginiaCRE #dcCRE #greysteel

Greysteel congratulates Daniel Hartnett on being named Advisor of the Month for May 2024!   Daniel is a Senior Managing Director on the National Capital Markets Team. He had the highest originated gross commissions for the month of May.   Daniel has been with Greysteel since 2016, when he joined as a Capital Markets Associate. His hard work and dedication led him to close over $13 billion in transactions and soon be promoted to team lead by 2019 and Senior Managing Director by 2021.   In his free time, Daniel enjoys golfing, winter sports, and spending time with his wife and two golden retrievers. Link to Bio: https://lnkd.in/eisUY8Au #capitalmarketsadvisor #CRE #employeeappreciation #advisorofthemonth #greysteel 

JUST CLOSED: Dorchester Square Apartments in Franklin, Virginia!   Greysteel congratulates the Affordable Housing Team on the successful sale of a 125-unit affordable housing community located in Franklin, Virginia. Fletcher Hultman, Director at Greysteel, spearheaded the investment sale efforts.   The successful sale of this property came with numerous challenges. Interest rates became extraordinarily volatile right after launching the marketing of this property. “It was challenging for buyers to get comfortable with their debt assumptions”, said Fletcher Hultman. “However, we were able to secure the buyer despite substantial disruptions in the capital markets”. The seller, a family office based in California, was pleased to sell the property to the buyer. #cre #virginiaCRE #affordablehousing #multifamilyrealestate #greysteel

Greysteel welcomes Ananditha Mary Kommareddy Kommareddy as Social Media & Public Relations Manager!   From working as a Lead Digital Marketing Analyst for the Mortgage Team at Navy Federal Credit Union to being a Freelance Social Media Manager, Ananditha brings over 4 years of digital marketing experience.   Ananditha will manage the Social Media and Public Relations departments at Greysteel. She will be responsible for end-to-end social media campaign management, including strategy, content creation, execution, and analysis. She will also write and distribute press releases, and maintain brand image and media relations.   In her free time, Ananditha likes to travel and explore new countries, go hiking with her German Shepherd/Husky mix dog, and read psychology-related books.   Link to Profile: https://lnkd.in/eFicbyar

Greysteel is pleased to present a new exclusive offering, a 204-unit asset in Aliquippa, PA!    This offering contains 2 properties located only a 15-minute drive from Pittsburgh International Airport.   Property Highlights: - 204 units total - 100% supported by Project-Based Section 8 HAP contracts - HUD-Subsidized - Located in QCT - Strong candidate for Low Income Housing Tax Credit execution   Location Highlights: - Area Median Income of $101,200 (Beaver County) - 6.25% AMI growth per year over the past 3 years - 7.3% increase in the three-year FMR   View Investment Property: https://lnkd.in/edrjN_2e   Contact Henry Mathies, Samuel Lacebal, or Sean Casey for More Details:  https://lnkd.in/dcsynwWx https://lnkd.in/eprCckRq https://lnkd.in/gD5Tdz3j   #cre #pennsylvaniaCRE #affordablehousing #multifamilyrealestate #greysteel