Greystar Closes $600 Million Greystar Credit Partners II
CHARLESTON, S.C. – August 10, 2020 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development and management of high-quality purpose-built rental housing properties, today announced the launch and funding of Greystar Credit Partners II, LP (“GCP II”). The $600 million commercial real estate debt fund will focus on the acquisition of securitized subordinated debt issued by the GSE’s as well as private label securitizations, junior notes, or mezzanine debt collateralized by multifamily assets. GCP II is the successor to GCP I, a $500 million fund created in 2018 that completed its investment activities concurrent with the formation of GCP II.
“The formation of Greystar Credit Partners in 2018 was a logical progression for us. Our principal investment business has benefited from the development of new strategies and expansion into new markets, with each endeavor leveraging our extensive operating platform and access to data,” said Bob Faith, Founder, Chairman, and CEO of Greystar.
Brett Lashley, Managing Director, Investments and Patrick Reilly, Director, Investments will continue to oversee Greystar Credit Partners’ investment and portfolio management activities. Mr. Lashley has more than 20 years of experience sourcing and underwriting commercial real estate debt and equity investments in the United States and Europe. Prior to joining Greystar in 2009, Mr. Lashley served for ten years at ORIX Finance, a subsidiary of ORIX USA, in various capital markets roles that culminated in Managing Director and Chief Operating Officer. He previously worked at Bear Stearns in fixed income sales. Mr. Reilly joined Greystar in 2018 after spending six years at State Street focused on CMBS analysis and investment activity.
“Greystar’s large and vertically-integrated rental housing platform, together with our intimate knowledge of underwriting multifamily assets as a principal, positions us well to invest in the most subordinate part of the capital structure,” said Mr. Lashley. “The logic of leveraging Greystar’s Investment and Property Management businesses to make thoughtful decisions based on our vast amounts of internal data more quickly, and with better conviction, has paid dividends. Not only do Patrick and I have substantial data readily available, we have the benefit of being able to speak with colleagues who, each day, are working at thousands of properties in hundreds of markets around the country.”
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $200 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 660,000 units/beds, and has a robust institutional investment management platform with approximately $35 billion of assets under management, including over $15 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com
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