Greystone arranged a $28.5 million refinance for The Azul Apartments in Dallas, TX, a 362-unit multifamily property. Greystone’s Thomas Wayda, Dan Sacks, and Harrison Drucker worked on behalf of the client, Azul Multifamily DE LLC, to secure a short-term bridge loan from Lightstone Capital.
“I’ve built a team with the sole intention to be able to meet any client’s financing need, and sometimes, that extends beyond an in-house debt solution,” said Mr. Sacks, a Managing Director at Greystone. “Leveraging an extensive network of capital partners, our team wants to ensure our clients are able to achieve their portfolio goals.”
“As an extension of the already-robust debt and equity offerings at Greystone, my mission is to tap into potential funding sources that complement what we can provide from our platforms,” added Mr. Wayda, a Managing Director at Greystone. “Being a quality asset that faced rent disruptions from a winter storm last year, we were able to identify a right-now, right-sized solution to help the owner get to stabilization and eventually pursue a permanent financing exit. It is this versatility and execution excellence that makes our team truly shine.”
Built in 1983, The Azul is located in the Lake Highlands submarket, near the intersection of Highway 635 and Audelia Road, approximately 12 miles from downtown Dallas. The property, comprising 20 three-story garden-style buildings, provides convenient access to employment centers around Dallas. Property Amenities include swimming pool with sundeck; a bark park; business center; resident clubhouse; BBQ area; and outdoor fireplace.