Greystone Provides $45 Million Bridge Loan for Acquisition of Tampa Multifamily Portfolio
September 13, 2016
Financing on 444-Unit Westshore Apartment Complex Closes in Just 28 Days
Greystone announced it has provided a $45,000,000 bridge loan for the acquisition of Tampa Woods Apartments (formerly known as Camden Woods Apartments), located in the Westshore district of Tampa, FL. The loan was originated by Donny Rosenberg of Greystone for Ilan Investments, the buyer.
The non-recourse, interest-only bridge loan includes a two-year term with two six-month extensions and was closed in just 28 days. Tampa Woods Apartments, with an acquisition price of $58,000,000, is a Class A garden style apartment complex comprising 444 units spread across 38 buildings. The property offers 1- and 2-bedroom units with resort-style amenities such as two swimming pools and fitness center, and is in close proximity to beaches, shopping and convenient roadways.
“With the help of Greystone’s nimble bridge finance platform, the borrower was able to move forward with the acquisition in a tight time frame, and we can now focus on pursuing a permanent loan that will benefit the owner, and ultimately the residents, for many years to come,” said Mr. Rosenberg.
“Greystone is one of the most agile and reliable finance partners we have worked with over the years, and we are thrilled they were able to provide interim financing that will enable a long-term financing exit,” said Charlie Yalamanchili, Principal, Ilan Investments.
“Greystone’s bridge financing platform is an ideal acquisition finance solution for property owners who want to secure permanent financing with HUD, Fannie Mae or Freddie Mac,” said Mark R. Jarrell, Executive Vice President and Head of Greystone’s Portfolio Lending Group.