Lending - Bridge / Mezzanine - $36.4M
Greystone provided a $36,400,000 bridge loan for the acquisition of Parkside Place Apartments in Spring, TX. The loan was originated by Donny Rosenberg of Greystone’s New York office for Ilan Investments, led by Charlie Yalamanchili.
The loan for Parkside Place carries a 2-year term with two six-month extensions. Greystone’s bridge loan platform is ideal for acquisition financing with a permanent exit in mind with either HUD or Agency financing. The 384-unit multifamily community was completed in 2015 and will be managed by Adara Communities. Unit interiors include granite countertops, stainless steel appliance packages, and high-end cabinetry & fixtures. The property offers numerous Class A amenities including a spacious clubhouse with Great Room, demonstration kitchen, complimentary coffee bar, executive business center and conference room, fully equipped fitness center, movie-screening room with vintage arcade, and game room with billiards and shuffleboard tables. Other amenities include a resort-style swimming pool, outdoor cabanas, outdoor kitchen, multiple outdoor living-room areas with fireplaces and flat screen TVs, Bocce ball, and covered parking & detached garages available for residents.
“Parkside Place is one of the nicest communities and provides some of the highest luxury living in the Spring marketplace. Ilan Investments has been one of the strongest buyers in Houston, taking advantage of the dislocation in the marketplace, and we’re proud to be partners with them on this acquisition,” said Mr. Rosenberg.
“Greystone has proven to be a valuable partner in our acquisition and long-term finance strategy. In an environment where there are so many moving pieces, it’s great to have them as a constant and a predictable source of capital. We are thrilled with this acquisition and look forward to continuing to grow in Houston and its surrounding markets,” said Mr. Yalamanchili, principle in Ilan Investments.