NEW YORK, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate finance company, provided a $29.5 million bridge loan for the acquisition of a multifamily community in Marietta, GA. The loan was originated by Keith Hires and Carter King of Greystone on behalf of the buyer and borrower Western Wealth Capital. The $36.5 million sale of the property was closed by Greystone Brown Real Estate Advisors.
BelAire Apartments is a 188-unit garden-style rental community located on Powder Springs Street in Cobb County. The property comprises 20 two-story buildings constructed in 1985, and features shared amenities such as a business center; swimming pool; fitness center; dog park; outdoor grilling and fireplace spaces; and laundry facility. The buyer plans to renovate the property during the term of the bridge loan and pursue a permanent exit with a Fannie Mae loan.
“BelAire fits perfectly in our portfolio growth plan with a focus on well-located suburban value-add assets,” said Len Bravo, Director of Acquisition & Asset Management, Western Wealth Capital. “Greystone Brown and Greystone together certainly proved their expertise in the Atlanta investment sales market and the lending landscape for this transaction.”
“We are thrilled to have helped WWC grow their portfolio, take advantage of the acquisition financing options Greystone has on offer, and pursue permanent financing in order to set up the asset for long-term success,” said Mr. Hires.
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.
About Greystone Brown Real Estate Advisors
Greystone Brown Real Estate Advisors is a commercial investment brokerage company specializing in the sale of multifamily properties throughout the Southeast. The firm is one of the largest and oldest privately held apartment brokerage firms in the region. Greystone Brown real estate professionals are committed to understanding the objectives of maximizing yields and profits while being able to meet critical time frames. For more information, visit www.brownra.com.
About Western Wealth Capital
WWC has developed a proven system for investing in multifamily properties in key real estate markets across the U.S. WWC offers investment partners the opportunity to invest in properties with substantial value-add opportunities. Since its inception, WWC has successfully completed more than $3 billion in real estate transactions, including acquiring 100 multifamily rental buildings representing more than 23,000 total units.
WWC’s vision is to build wealth for their investment partners with industry-leading returns. A people-first approach promotes excellence at every point; with highly efficient operations and a true commitment to our communities.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
