Greystone has provided a $41.2 million bridge loan for the acquisition of a multifamily property in Austin, TX. The transaction was originated by Steven Vainer, Director at Greystone on behalf of Lynd Living.
The property is secured by a Greystone bridge loan that includes a 36-month term with two 1-year extension options, with the intention for permanent take-out financing with Greystone.
Constructed in 2001, Legends at Lake Creek is a 250-unit value-add apartment complex in the highly affluent Anderson Mill submarket of Austin with a plethora of shopping, employment, and recreational opportunities nearby. Austin is a fast-growing market, ranked as the #1 “Hottest US Job Market” by The Wall Street Journal in 2020 and #1 “Best State Capital to Live In” by WalletHub in 2021, with Apple’s $1 billion campus under construction less than 3 miles from the property, anticipated to bring 15,000 jobs to the area.
“As soon as this asset was under contract, it was clear that the permanent debt solution was going to be an issue with closing on time. Greystone gave us their word they could deliver with an immediate, interim financing-to-permanent capital solution, and they succeeded,” said A. David Lynd, President & CEO, Lynd Living.
“Greystone’s bridge lending platform offers a variety of permanent exit solutions that are tailored to our clients’ needs. I’m thrilled we were able to assist Lynd Living with this recent acquisition, and for the long-term outcome as well,” said Mr. Vainer.