Lending - Bridge / Mezzanine - $5.9M
Greystone Meets 1031 Tax Exchange Time Constraints for Montecito, CA Borrower with Fully Funded, Non-Recourse, Interest-Only Bridge Loan
Greystone provided a $5.9 million bridge loan for a 168-unit multifamily property in Colorado Springs, CO. The transaction was originated by Dale Holzer, Director and mortgage originator at the firm.
The non-recourse, interest-only bridge loan included $4.4 million in financing at close with the remaining $1.5 million to be future funded for property improvements. The fully funded loan amount is 78% of total costs, which carries a two-year term with two six-month extensions. Greystone worked closely with brokers David Pascale and Steve Bram of Los Angeles-based George Smith Partners throughout the loan process.
“We found Greystone quite easy to work with, in both the origination phase, as well as during the usually difficult underwriting phase,” said Joel Shefflin of Montecito, CA-based Shefflin Properties. “They put together a most efficient team to underwrite the loan in a timely manner, which came out as anticipated. With our 1031 tax exchange timelines, we were nervous as a first time customer, but Greystone delivered as advertised, closing the transaction within two weeks of loan approval,” he added.
“Time and again, our team of experienced and creative relationship managers prove they are well-versed and knowledgeable in a range of multifamily financing solutions, and deliver the option that serves the borrower’s best interests with the highest level of service,” said Rick Wolf, Senior Managing Director at Greystone.