Greystone announced it has provided a total of $29,500,000 in bridge financing for the acquisition of 783 residential rental units across Baton Rouge, LA. The acquisition financing was originated by Leor Dimant of Greystone’s New York office.
Greystone provided two separate non-recourse bridge loans for the borrower to acquire and rehabilitate four total properties. The first two-year bridge loan was for $16,880,000, and the second two-year bridge loan was for $12,620,000. During the acquisitions phase, Greystone initiated the process to secure long-term, low and fixed-rate permanent HUD-insured financing.
“Now more than ever before, our expanded bridge lending platform gives us the flexibility to present custom-tailored finance solutions for our clients,” said Mr. Dimant. “We are pleased that our clients can move quickly on their multifamily portfolio acquisition targets across the nation, while they seek out long-term agency financing with our proprietary bridge-to-HUD lending process.”