Greystone Provides $49 Million in Bridge Financing for Acquisition of Multifamily Property in Katy, Texas
Greystone provided $49,140,000 in bridge financing to acquire a 351-unit multifamily property in Katy, Texas. The financing was originated by Richard Kourbage, Managing Director in Greystone’s New York office, on behalf of Lloyd Jones, a repeat client.
Constructed in 2019, Seville at Clay Crossing Apartments in Harris County is a garden-style community consisting of 17 three-story buildings with 192 one-, 132 two-, and 27 three-bedroom units. The $49,140,000 interest-only bridge loan carries a 36-month term with two 12-month extension options, so the borrower could complete the acquisition while Greystone works to secure permanent Fannie Mae financing.
“Greystone’s comprehensive multifamily lending platform allows our clients to be assured through every phase of their transaction that we will have the right financing to meet their needs,” said Mr. Kourbage. “Our bridge lending program is a great fit for those who need a short-term solution while preparing for permanent financing.”
“We came back to Greystone not just because of the extensive lending platform, but for the stellar service and execution during every step of the deal,” said Mr. Christopher Finlay, principal of the borrower. “Through the years and through various market cycles, Greystone has demonstrated that they are unflappable and unstoppable - truly best-in-class in multifamily finance.”