Greystone Provides $17.3 Million Bridge Loan for Acquisition of 271-Unit Multifamily Property in Palm Bay, FL
July 18, 2017
Greystone announced it has provided a $17,250,000 bridge loan to finance the acquisition of The Pavilions at Monterey in Palm Bay, FL. The transaction was originated by Leor Dimant of Greystone’s New York office.
Carabetta Companies, one of the largest HUD borrowers, purchased The Pavilions at Monterey on June 29 for $20,650,000. The two-year bridge loan from Greystone, at 83.5% loan-to-purchase, provides time for Carabetta to rehabilitate and stabilize the property while concurrently securing a low, fixed-rate, permanent loan from HUD with Greystone.
The Pavilions at Monterey is a 271-unit Class B property offering many amenities to residents including a fitness center and swimming pool. It is located on the southeast coast of Florida, within proximity of Florida Institute of Technology.
“Our portfolio lending platform provides tremendous flexibility. Greystone helps owners navigate the tenuous acquisition process, including a seamless transition to long-term debt with our proprietary FHA program,” said Mr. Fred Levine, Managing Director, Greystone.
“Greystone’s ability to work with our leverage requirement and their attention to detail are the invaluable components that made this work,” said Sam Carabetta, principal, Carabetta Companies.