Greystone has provided a $34,250,000 bridge loan to refinance a 280-unit affordable multifamily property in Raleigh, North Carolina. The financing was originated by Greystone Managing Director Gill Dolan, on behalf of Brazos Chelsea Apartments, LLC.
Constructed in 1985 and located in Wake County, Anson at North Hills is a community consisting of 15 garden-style buildings with one- and two-bedroom units, with 100% of the units restricted to 80% area median income (AMI). Residents enjoy amenities such as a fitness center, two swimming pools, playground, dog park, grilling stations, as well as on-site laundry facilities and parking. Greystone’s interest-only bridge loan carries a 24-month term with two six-month extension options.
“We’re excited that this bridge execution was the right solution for Brazos and positions the property well for long-term success,” said Mr. Dolan. “Greystone’s ability to deliver practical solutions in competitive markets helps our clients strengthen their assets and improve the quality of housing for the residents they serve.”
“Greystone was the right partner for this transaction, particularly given how important a year-end closing was,” said William Hancock, principal of the borrower. “Greystone stayed focused and responsive and closed in 47 days, including the holidays. We appreciate their commitment to getting the deal done.”