CHICAGO—Greystone, a New York-based firm that provides multifamily and healthcare mortgage loans, has just hired Steve Cho as a Chicago-based managing director. He will report to Robert Russell, head of production for Greystone's CMBS group. In his new role, Cho will focus on establishing a stronger CMBS presence for Greystone in the central states through Texas.
"Steve will serve as an incredible complement to our growing origination team in the central region, as we see a tremendous amount of CMBS transaction opportunity building there," Russell says.
"Greystone is focused on the Midwest because property cap rates are at levels where CMBS debt is accretive to borrowers,” Cho tells GlobeSt.com. Furthermore, “2005, 2006 and 2007 vintage CMBS will all need to be refinanced. Although there will be increased opportunities for all because of the required refinances, we feel Greystone is particularly well positioned to provide central region borrowers with creative solutions to execute their CMBS refinance."
Cho has 17 years of experience in CMBS originations, distressed loan restructurings and dispositions, and private equity acquisitions. Prior to joining Greystone, he was a managing director at Royal Bank of Scotland and its sole CMBS originator in the central region. He worked there for 12 years and during the economic downturn handled the resolution of a $1.7 billion portfolio of legacy loans and REO.
Prior to RBS, Cho worked in the private equity acquisitions and financial engineering groups at New York-based Fortress Investment Group. He has a Bachelor's degree from Harvard University.
Greystone arranges debt for borrowers by working with agency partners such as Fannie Mae, Freddie Mac and the FHA. The company also offers its own capital for bridge and mezzanine loans. In 2014, Greystone ranked in the top 10 for Fannie Mae's largest DUS lenders, according to company officials. As reported in GlobeSt.com, the firm is also a top Freddie Mac lender for seniors housing.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
