Greystone announced it has provided $22 million in bridge financing for the acquisition of Hunter’s Cove Apartments Homes in Waxahachie, Texas. Ana Ramos, managing director in Greystone’s Los Angeles office, originated the loan with Andy Bratt of Newmark acting as correspondent on the transaction.
Located just outside Dallas, Hunter’s Cove Apartments features eight, three-story garden-style apartment buildings with a combined 192 residences. These homes range from one- to three-bedroom units and offer stunning lake views. Residents also have access to a clubhouse, fitness center, dog park, enclosed garages, and a resort-style swimming pool.
The $22 million bridge loan carries a two-year term. However, Greystone’s HUD group simultaneously processed the HUD 223(f) permanent financing which is anticipated to close within the next six months.
“By leveraging Greystone’s full-service capabilities, we were able to provide a bridge finance solution for the acquisition and an exit plan for long-term financing with HUD,” said Ms. Ramos. “Greystone’s deep experience and flexibility enables us to navigate a variety of property acquisition scenarios – including a rigid 1031 exchange timeline – and execute beyond our clients’ expectations.”