Greystone Provides $29 Million Bridge Loan for Student Housing in College Park, MD
July 15, 2014
Greystone announced it provided a $29,275,000 bridge loan on a student housing property in College Park, MD. The transaction was closed by Andrew Ellis, a senior mortgage originator at the firm.
The interim financing terms for The Enclave at 8700 include a 24-month floating rate loan with two 6-month extensions, and an interest-only period for the first 18 months. The Enclave at 8700 is a mixed-use student housing property with parking garage and first-level retail. With 94 total furnished 2-, 3-, and 4-bedroom suites each containing private kitchens, bedrooms and baths, the building also boasts a 24-hour complimentary shuttle bus, study lounge, electronic key access, fitness center and Wi-Fi for 369 student residents. The Enclave at 8700 is located within a mile of the University of Maryland, and is in close proximity to Washington. D.C. and Baltimore, MD.
The transaction was originated by Jared Cassidy, Associate Director, Marcus & Millichap Capital Corp. and Payton Banks, Associate Vice President, Marcus & Millichap.
“Student Housing is obviously a sector where it’s important to understand the unique nature of the tenancy in order to provide the optimal loan. Greystone has that capability and we were grateful for the opportunity to bring our expertise to bear,” 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.