Greystone Monticello, a bridge lending platform serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, provided a $60,250,000 bridge loan and an $8,000,000 mezzanine loan to refinance The Irby, a Class-A multifamily property located in the Buckhead submarket of Atlanta, GA, and owned by an affiliate of Lone Star Funds, a leading private equity enterprise. The financing was originated by Greystone Commercial Capital, a division at Greystone that focuses on institutional structured lending.
Developed in 2020, The Irby is 12 stories high with 277 residential units (studio, 1-bedroom, and 2-bedroom layouts), 15,000 square feet of retail, and 132 parking spaces. Amenities at the property include a resort-style saltwater pool, elevated courtyard with fire pit and grilling station, private cabanas, 24-hour athletic club & yoga studio, complimentary wine on-tap, sauna, media & game room, on-site pet spa, bike room & repair station, Peloton bikes, high-rise lookout terrace, 24/7 concierge, a curated art program, and more. A bustling professional, shopping, and cultural hub, Buckhead is a growing intown market in Atlanta experiencing steady population growth of 8.7% over the past five years.
“It’s a true testament to the strength of the Greystone Monticello joint venture that the team sprang into action and worked closely to execute this financing to meet the client’s needs,” said Scott Chisholm, head of Greystone Commercial Capital. “Having the bridge financing team so close at hand to work together on large-scale transactions means that our clients have numerous options for financing as they weigh permanent exit options, and this bridge solution was no exception.”
“The Greystone Monticello team is highly skilled and efficient, creating value for our clients every step of the way. This execution shows the true benefits of the Greystone Monticello joint venture,” added Eric Baum, head of the multifamily sales desk at Greystone Monticello.