Greystone provided an $18,960,000 bridge loan for the acquisition of a multifamily property in Fort Worth, Texas. Ralph Rader of Marcus & Millichap served as correspondent on the transaction.
The 224-unit property located on Ederville Road has been rebranded as The Aspen upon acquisition, and consists of 27 two-story apartment buildings constructed in 1978 on a 12-acre site. Amenities of the property include an on-site leasing office; swimming pool; outdoor grilling / barbeque area; dog park; and two laundry facilities.
The property, acquired by GLP Investments, LLC and MF Capital Partners, LLC, is secured by a Greystone bridge loan that includes a 24-month term with 2 six-month extensions, with the intention for a permanent take-out via Fannie Mae financing with Greystone.
“We are thrilled to have worked with Greystone on this acquisition financing and look forward to making improvements at this quality multifamily asset so its true value can be realized,” said Lisa Parrish of GLP Investments, LLC. “That is really a true passion for us – unlocking value – and we look forward to making renovations right away for the long-term benefit of the property and its residents.”
“This acquisition provides the borrower a fantastic opportunity to unlock additional value at the property,” said Ralph Rader of Marcus & Millichap. “It’s paramount that buyers secure efficient and appropriately structured capital in an extremely competitive multifamily market, and that’s exactly what we found in Greystone. They were a great lending partner to work with, closing in a short timeframe and with outstanding terms.”