Greystone today announced it provided an $11,700,000 bridge loan for the acquisition and renovation of a 132-unit affordable multifamily property in Riverside, California. The transaction was originated by Dale Holzer, a relationship manager based in Greystone's Newport Beach, California office. Greg Richardson of Johnson Capital acted as the correspondent who introduced the deal to Greystone.
The non-recourse interest-only bridge loan for the property carries a two-year term with two, six-month extensions for the borrower, Beverly Hills, California-based Crystal Asset Management. Crystal Asset Management plans to improve the property’s exterior as well as allot capital for future interior unit upgrades. The property includes several affordability components including Section 8 tenants.
“Greystone’s bridge loan met all of our requirements and provided the perfect lead-up by closing quickly and financing property improvements,” said Sol Rabin, managing partner of Crystal Asset Management.
“Greystone’s bridge solutions can provide financing to satisfy a variety of borrower goals, including repositioning of assets, staged renovations and time-sensitive acquisitions,” said Marty Lanigan, head of Greystone’s Portfolio Lending Group. “Greystone has a dedicated team with a proven track record to help borrowers with their interim financing needs.”
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing volume as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.