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Greystone Provides $20.4 Million in Bridge Financing for North Carolina Multifamily Acquisition

Greystone
·1-min read

NEW YORK, July 29, 2021 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate finance company, has provided a $20,400,000 bridge loan for the acquisition of a multifamily property in Greensboro, North Carolina. The transaction was originated by Dan Sacks, Managing Director at Greystone.

The property, acquired for $24,500,000, is secured by a Greystone bridge loan that includes a 30-month term with one six-month extension, with the intention for a permanent take-out via Fannie Mae financing with Greystone.

Brannon Park is a 299-unit property located at 3822 Mizzell Road comprising 13 three-story residential buildings. Amenities include a swimming pool; tennis court; playground; fitness center; and laundry facilities. The property consists of studio, one-, and two-bedroom units, and the new owner intends to invest $1.35 million for renovations of 225 units.

“We are thrilled to have helped our repeat client with an acquisition loan in continuing to build their multifamily portfolio,” said Mr. Sacks.

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About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com