Greystone Provides $58 Million Bridge Loan for “Smart Home” Multifamily Property in the Rim in San Antonio, Texas
February 28, 2019
Category: Multifamily, Bridge
Greystone, a leading commercial real estate lending, investment, and advisory company, has provided $58,375,000 in bridge financing for a “smart” multifamily property in San Antonio, TX. The transaction was originated by Jeff Englund, senior managing director in Greystone’s Atlanta office, on behalf of DeBartolo Development, a longtime Greystone client.
While Greystone works to secure a low, fixed-rate permanent agency loan for the borrower, Greystone’s bridge loan will enable the borrower to pay off the initial construction loan and preferred equity for the Infinity at the Rim apartments, a new 310-unit multifamily property with convenient access to San Antonio’s employment centers, shopping and schools. The bridge financing will also enable the borrower to implement Amazon’s co-branding program in its well-appointed one-, two- and three-bedroom units.
Each apartment has smart home technology from Amazon, including: Nest thermostat, Amazon Alexa technology, hardware, voice recognition and smart outlets. Infinity residents receive a one-year subscription to Amazon Prime and can access Amazon locker services for package retrieval.
The property also features resort-style amenities, including a pool, clubhouse and demo kitchen, cybercafé, visual sports room, an onsite car wash, dry cleaner drop-off and onsite parking. The property is located along the west line of Talverna Ridge, in “the Rim,” an 800-acre urbanist mixed-use development.
“Our team was able to put together the right financing terms so our client could move this property forward – out of construction, stabilized, and into ongoing management and operations,” said Mr. Englund. “Greystone shines when we can work through complex transactions and help multifamily owners realize their vision for enhancing the quality of people’s lives and their community.”