Greystone Provides $13.6 Million in Bridge Financing for Florida Multifamily Property
Greystone has provided a $13,650,000 bridge loan to refinance a 168-unit multifamily property in Tallahassee, Florida. The transaction was originated by Kyle Jemtrud, Managing Director in Greystone’s Minneapolis office, on behalf of Pax Properties LLC.
The floating rate, interest only-bridge financing from Greystone features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. In addition to refinancing, the loan enables the borrower to continue with ongoing capital improvements to the property.
Originally built in 1974 and recently renovated, Renaissance Apartments consists of 13 garden-style buildings with one-, two-, and three-bedroom units that feature modern appliances and high-end finishes, walk-in closets, in-unit washer/dryer hook-ups and private outdoor living spaces. Residents can enjoy the pet-friendly community’s outdoor pool, clubhouse and business center, playground, picnic area, laundry facilities and on-site parking. Conveniently located near major highways, the property offers easy access to downtown Tallahassee, Tallahassee International Airport, as well as to the area’s medical centers, colleges and universities, including Florida State University.
“Greystone’s bridge-to-HUD process helps our clients get access to the capital they need while seeking a permanent financing solution,” said Mr. Jemtrud. “Our in-depth knowledge of the multifamily marketplace, coupled with our deep lending platform, means we can bring these transactions to a quick and seamless close so that our clients stay focused on building out and managing the properties in their portfolios.”
“Our Greystone team shared our vision and saw our needs as their own, providing us with the interim financing we needed in extremely short order while working with us to secure a permanent solution,” said Mr. Justin Ford, principal of Pax Properties LLC. “They are true partners and professionals in every sense, and their multifamily lending platform is unparalleled.”