Greystone Provides Presidium $15.1 Million Bridge Loan for San Antonio Multifamily Acquisition
December 16, 2014
Greystone announced it provided a $15,100,000 bridge loan for the acquisition of a multifamily property in San Antonio, TX. The transaction was originated by JD Stettin, a mortgage originator based in Chicago.
The interest-only bridge loan for Cenizo Flats carries a 2-year term for the borrower, Dallas-based Presidium Group, who will pursue long-term HUD financing through Greystone. Cenizo Flats is a garden-style apartment community built in 2000 and located in the Alamo Heights section of San Antonio. The complex comprises 150 units and offers residents fitness amenities and ample green space on a beautifully landscaped property.
“Greystone’s ‘one stop shop’ offering of bridge financing leading up to a permanent HUD loan perfectly complements our existing acquisitions strategy, and their execution is second to none,” said John Griggs, Co-CEO of Presidium Group.
“Presidium is keen to take advantage of the ample multifamily acquisition opportunities in Texas, and Greystone’s bridge-to-HUD offering, which provides interest-only interim financing while securing a long-term, low-rate loan, is well-suited to their strategy,” said Mr. Stettin. “After three successful transactions to date with Presidium, we look forward to continue building our relationship as their real estate finance needs change and grow.”