Greystone’s establishing its $750 million inaugural real estate debt fund


Clifford Chance advised Greystone on the establishment of its real estate funds program and the structuring and fund raise of its $750 million inaugural real estate debt fund, the Greystone Senior Debt Opportunity Fund.

The Fund is managed by Greystone’s affiliate investment adviser and includes several institutional and large public pension fund investors. The 8-year fund invests in debt financing across a range of commercial real estate properties.

With leverage, the Fund anticipates an investment capacity in excess of $2.5 billion for loan products such as bridge and mezzanine financing for multifamily, healthcare, and other commercial properties. Greystone has recently expanded its bridge and mezzanine program, which includes senior mortgage bridge financing, a 1-3 year, short-term mezzanine and subordinated debt loan product for multifamily and healthcare properties that are moving toward a permanent, agency finance exit, and a 5-10 year CMBS-mezzanine loan product. Greystone targets first mortgages from $5 million and up, as well as subordinate financing from $1 million.

UBS Securities LLC acted as global placement advisor, H-A Global was a placement sub-advisor in Israel, and Clifford Chance served as counsel to Greystone on the transaction.

Michael Sabin (picture), a partner in the Clifford Chance’s Funds & Investment Management group, led on the transaction and was assisted by associates Thien Folkemer, Sophie Hasse and Keith Forbes. Counsel Ashwini Habbu and associate Andrew Nelson worked on regulatory matters. Partner David Moldenhauer and associate Rebecca Pereira assisted with the US tax issues.

Involved fees earner: Michael Sabin – Clifford Chance; Thien Folkemer – Clifford Chance; Sophie Hasse – Clifford Chance; Keith Forbes – Clifford Chance; Ashwini Habbu – Clifford Chance; Andrew Nelson – Clifford Chance; David Moldenhauer – Clifford Chance; Rebecca Pereira – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Greystone & Co., Inc.;

Avatar

Author: Ambrogio Visconti