Greystone Provides $19.5 Million Bridge Loan on 569-unit Dallas Multifamily Portfolio
October 1, 2014
Greystone today announced it provided a $19,500,000 bridge loan for the acquisition of two multifamily properties in Dallas, TX. The transaction was originated by JD Stettin, a mortgage originator based in Greystone’s New York office.
The interest-only bridge loan for Vineyards & Villa Jolla carries a 2-year term for the borrower, Dallas-based Presidium Group. Presidium plans to invest over $5 million in capital improvements for both properties for interior and exterior upgrades, including more robust amenities packages and upon stabilization, Presidium will pursue long-term HUD financing through Greystone.
“With an ultimate end-goal of long-term, low rate FHA financing for these new acquisitions, Greystone’s bridge solution provides the perfect lead-up by closing quickly, financing capital improvements and laying the ground work for HUD,” said John Griggs, Co-CEO of Presidium Group.
“Greystone’s end-to-end bridge solution can provide financing to satisfy a variety of borrower goals, including our ability to guide them through the complex process of securing HUD financing,” said Marty Lanigan, head of Greystone’s Portfolio Lending Group. “We are seeing an increasing number of property owners in Texas pursue this path, and Greystone’s expertise in this market has proven abundantly clear.”