Greystone Closes $22.9 Million in Total Debt Placement and Preferred Equity Financing for Fort Worth, Texas Multifamily Property

June 12, 2024

Greystone announced it has closed a bridge loan debt placement and preferred equity component to refinance a 248-unit multifamily property located in Fort Worth, Texas. The financing, $22.9 million in total, was originated by Lance Wright, Managing Director at Greystone, with Greystone’s Thomas Wayda, Managing Director, and Dante Distefano, Analyst, handling the debt placement and Matthew Zisler, Senior Managing Director, securing the preferred equity on behalf of the client, MBP Capital Partners.

The Barcelona on Chisolm Trail is a 17-building community spanning over 10 acres of land, and includes community amenities such as a swimming pool, playground, dog park, outdoor lounge areas, business center, fitness center, and clubhouse. The property is located in one of the most retail dense areas of Fort Worth and is within a one-mile radius of 5.2 million square feet of retail space, including the Hulen Mall within walking distance.

The financing package placed by Greystone includes a $19.5 million 3-year bridge loan provided by a privately held debt fund and $3.35 million in preferred equity from Lubert-Adler Real Estate Funds.

“In working through a challenging refinancing strategy for The Barcelona property, we leaned on Greystone to help us find the right solution, and they certainly delivered in solving for our needs,” said Mike Phillips, Chief Executive Officer, MBP Capital Partners. “Greystone has the relationships a borrower needs when a financing request doesn’t fit inside the box.”

“Our Equity Services platform is a critical component to helping some borrowers get to the closing table, when traditional debt solutions might come up short,” said Mr. Zisler. “Our equity platform collaborators are eager to work with property investors to help navigate today’s higher interest rate environment, which is inhibiting loan proceeds for many.”

“By leveraging our extensive network of capital providers, Greystone’s debt placement capabilities can provide alternative financing solutions for achieving property goals, particularly in a high interest rate environment with fewer market participants. Even with a strong foundational business plan, borrowers sometimes need options, which is our mission to provide,” said Mr. Wayda.

Mr. Wright added, “It’s gratifying to provide clients with what can sometimes seem like an impossible solution, and I’m thrilled that we were able to collaborate across Greystone’s debt placement and equity services platforms to assemble an attractive financing package for MBP Capital Partners.”