Greystone Provides $17 Million Value-add Bridge Loan for Multifamily Property in Texas
September 2, 2014
Greystone announced it provided a $17,000,000 bridge loan on a multifamily property in Pasadena, TX. The transaction was originated by JD Stettin, a senior mortgage banker at the firm.
Part of a growing number of bridge loan transactions that Greystone has completed in the Houston area, loan terms included partial recourse and interest-only financing, and the transaction closed in just 40 days. The bridge loan refinance enables the property owner to add value to the apartment complex, which offers over 390 1-, 2- and 3-bedroom units with two community swimming pools, playground, and multiple activity courts.
“Greystone’s bridge solution provided us both the time and capital needed to reposition our property as we work toward securing a permanent take-out loan,” according to the borrower. “Their Texas multifamily loan origination expertise aided timely resolution of inevitable issues and enabled closing on the exact date and in the precise loan amount as promised,” they added.
“Greystone’s knowledge of the Houston multifamily market and our ability to seamlessly take a loan from bridge to permanent agency or conduit financing provides a nimble and one-stop-shop loan process for value-add, refinance, or acquisition,” said Marty Lanigan, head of Greystone’s Portfolio Lending Group.
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing volume as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.