The floating rate, interest only-bridge financing from Greystone features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. In addition to refinancing, the loan enables the borrower to continue with ongoing capital improvements to the property.
Originally built in 1974 and recently renovated, Renaissance Apartments consists of 13 garden-style buildings with one-, two-, and three-bedroom units that feature modern appliances and high-end finishes, walk-in closets, in-unit washer/dryer hook-ups and private outdoor living spaces. Residents can enjoy the pet-friendly community’s outdoor pool, clubhouse and business center, playground, picnic area, laundry facilities and on-site parking. Conveniently located near major highways, the property offers easy access to downtown Tallahassee, Tallahassee International Airport, as well as to the area’s medical centers, colleges and universities, including Florida State University.