Greystone is providing $ 13.6 million in bridge funding for
NEW YORK, Sept. 22, 2021 (GLOBE NEWSWIRE) – Greystone, a leading national commercial real estate finance company, has provided a $ 13,650,000 bridge loan to refinance a 168-unit multi-family property in Tallahassee, Florida. The transaction was initiated by Kyle Jemtrud, Managing Director of Greystone’s Minneapolis office, on behalf of Pax Properties LLC.
Greystone’s variable rate, interest-only bridge financing has a 24-month term with two six-month extension options, with the intention of moving to permanent HUD financing. In addition to refinancing, the loan allows the borrower to pursue the continuous improvement of the property’s fixed assets.
Originally built in 1974 and recently renovated, Renaissance apartments consists of 13 garden style buildings with one, two and three bedroom units featuring modern appliances and high end finishes, walk in closets, washer / dryer hookups in the unit and living areas private exteriors. Residents can enjoy the outdoor pool, pet-friendly community lodge and business center, playground, picnic area, laundry facilities, and on-site parking. Conveniently located near major highways, the property offers easy access to downtown Tallahassee, Tallahassee International Airport, and area medical centers, colleges and universities, including Florida State University.
“Greystone’s HUD transition process helps our clients access the capital they need while seeking a permanent financing solution,” said Jemtrud. “Our in-depth knowledge of the multi-family market, coupled with our in-depth lending platform, means we can close these transactions quickly and transparently so our clients remain focused on building and managing the properties of their portfolios.”
“Our Greystone team shared our vision and saw our needs as theirs, providing us with the bridge financing we needed on an extremely short notice while working with us to secure a permanent solution,” said Mr. Justin Ford, director of Pax Properties LLC. “They are true partners and professionals in every sense of the word, and their multi-family lending platform is unprecedented. “
Greystone is a national private commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, having been ranked among the top lenders by FHA, Fannie Mae and Freddie Mac in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. For more information, visit www.greystone.com.