Think-Realty-Magazine-August-2018

Build Wealth in Real Estate

COVER STORY

in Memphis, TN

STEPHEN ROSENBERG

THEREWILL ALWAYS BE INCREDIBLE OPPORTUNITY WHEREVERTHERE IS INDUSTRY INSTABILITY, ANDREAL ESTATE INVESTORS TENDTOBETHE BEST-PREPARED TO IDENTIFY IT, LEVERAGE IT, AND REMEDIATE IT.”

MEMPHIS INVESTMENTS AD October Memphis Investment Properties Real Estate Investment Summit and Tour of Homes

STEPHEN ROSENBERG

October 5-6, 2018

Memphis TN

AN EYE FOR OPPORTUNITY ANDAN EAR FOR SOLUTIONS Harmony Housing may be a nonprofit but make no mistake: Greystone & Co. itself is dedicated to the growth side of the equation as well as the giving side. The company provides financing for deals as small as $900,000 (for example, a mom-and-pop real estate company buying a six-unit brownstone) to hundreds of millions that might be used to help a real estate investment trust (REIT) refinance a national portfolio or a developer create an entirely new and desperately needed multifamily community in an attractive area. This eye for opportunity translates to an ability to create new developments and resolve problems in existing ones. That ability directly correlates to the

own revenue, and Rosenberg and his colleagues expect the investment to not just increase the number of affordable housing units in the Harmony Housing portfolio by 20 percent but also to yield strong returns on its own after renovations and repositioning. “This type of acquisition both furthers our goals for providing a good, affordable lifestyle to residents who need it – often the elderly and disabled – and to create a sustainable model for enhancing the property without taking it out of the range of affordability for residents,” said Rosenberg. “Many buyers look for properties that can be taken out of the affordability criteria and into market rates. That is not what we do with Harmony Housing.”

firm’s ongoing growth and portfolio expansion (see sidebar on p. 21). “A recurring theme for us in our own property development projects is that there are usually one or even several challenging issues that make others want to avoid the project,” Rosenberg observed. “We go in aware of those issues and undertake the projects with their resolution in mind.” THE FUTURE: LEVERAGING INDUSTRYUPHEAVALAND FILLINGADESPERATE NEED These days, Rosenberg’s eye for opportunity rests squarely on skilled- nursing facilities. Greystone is already one

Memphis is a perennial market for investors • Brand new homes built as rentals

ThinkMemphisRealEstate.com • 901-531-9792

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