NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate finance company, has provided $19,050,000 in Bridge-to-Agency financing for a 118-unit multifamily property in Bellflower, California. Intended to facilitate the refinancing and construction of additional units, the bridge loan was originated by Dale Holzer, Managing Director at Greystone.
Tower Apartments, located 14 miles southeast of downtown Los Angeles and spread across 1.56 acres, was acquired by the borrower in 2022 and completely renovated with over $3.5 million in capex. The property contains a three-story building with studio, one-, two-, and three-bedroom units and community amenities including a pool and laundry facilities.
The interest-only bridge financing provided by Greystone carries a two-year term with two, six-month extension options, and is intended to fund the construction of 15 additional units in the building for a total of 133 units.
“Greystone’s Bridge-to-Agency option can help property investors get a head start on implementing their long-term plans for an asset, providing capital during construction, renovations and stabilization,” said Mr. Holzer.
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
