Greystone Bassuk, a leading New York-based real estate finance advisory firm, today announced the closing of a $36.5 million construction-to-permanent loan made to an affiliate of Grubb Properties, Inc. (“Grubb Properties”).
The loan is a 20-year, fixed-rate construction-to-permanent mortgage originated by Aegon Real Assets US (“Aegon RA”) through their correspondent, Bellwether Enterprise, to finance the development of Link Apartments® Grant Park, a 5-story, 246-unit luxury multifamily rental apartment project located at 750 Kalb Street SE in the Grant Park neighborhood of Atlanta, GA. Link Apartments® Grant Park will consist of a Class A apartment building wrapping a 265-space parking deck plus a 3-story townhouse building with individual parking garages situated adjacent to the main structure. The Project will include a comprehensive suite of amenities including a resident clubhouse, game room, fitness center, yoga center, outdoor terrace, and pedestrian esplanade.
Greystone Bassuk, headed by President Drew Fletcher, served as exclusive advisor on behalf of Grubb Properties. Executive Managing Director Paul Fried and Vice President Matthew Hirsch led the Greystone Bassuk team on the transaction.
“Grubb Properties is one of the premier developers in the Southeast, combining creativity and forward-thinking design with decades of construction and management expertise,” said Mr. Fletcher. “Link Apartments® Grant Park is the most recent example of Grubb Properties’ commitment to delivering high-quality, multifamily housing in targeted urban markets throughout the Southeast. We are extremely proud to have represented Grubb Properties on this transaction and contributed to the continued development of the Link Apartments® brand.”
“Grubb Properties is excited to have worked with Greystone Bassuk and Aegon RA on this transaction,” said Henry Lomax, Chief Financial Officer of Grubb Properties. “We have deepened our relationship with Greystone and their team has delivered an execution that far surpassed our expectations. The loan required drive, effort, and careful coordination with all parties, and it is the first of many transactions we hope to complete with Aegon RA.”