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, a leading commercial real estate lending, investment, and advisory company, has provided $58,375,000 in bridge financing for a “smart” multifamily property in San Antonio, TX. The transaction was originated by Jeff Englund, senior managing director in Greystone’s Atlanta office, on behalf of DeBartolo Development, a longtime Greystone client.
While Greystone works to secure a low, fixed-rate permanent agency loan for the borrower, Greystone’s bridge loan will enable the borrower to pay off the initial construction loan and preferred equity for the apartments, a new 310-unit multifamily property with convenient access to San Antonio’s employment centers, shopping and schools. The bridge financing will also enable the borrower to implement Amazon’s co-branding program in its well-appointed one-, two- and three-bedroom units.
Each apartment has smart home technology from Amazon, including: Nest thermostat, Amazon Alexa technology, hardware, voice recognition and smart outlets. Infinity residents receive a one-year subscription to Amazon Prime and can access Amazon locker services for package retrieval.
The property also features resort-style amenities, including a pool, clubhouse and demo kitchen, cybercafé, visual sports room, an onsite car wash, dry cleaner drop-off and onsite parking. The property is located along the west line of Talverna Ridge, in “the Rim,” an 800-acre urbanist mixed-use development.
“Our team was able to put together the right financing terms so our client could move this property forward - out of construction, stabilized, and into ongoing management and operations,” said Mr. Englund. “Greystone shines when we can work through complex transactions and help multifamily owners realize their vision for enhancing the quality of people’s lives and their community.”
FLORHAM PARK, NJ – January 14, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $70 million in financing for Steel Works, a recently completed, 286-unit apartment community in Harrison, New Jersey.
The HFF team worked exclusively on behalf of the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure the 10-year, fixed-rate loan with an institutional lender. Loan proceeds were used to retire existing construction financing.
Steel Works is located at 1200 Frank E. Rodgers Boulevard South less than a quarter of a mile from the Harrison PATH Station, which provides commuters access to the World Trade Center in Lower Manhattan in approximately 20 minutes. Completed in 2017, the five-story, 96.5-percent-occupied property consists of a mix of studio, one- and two-bedroom floor plans featuring stainless steel appliances, designer cabinetry, nine-foot ceilings, custom closets, in-unit washers and dryers, hardwired sound systems and private balconies. Additionally, the community’s common area amenities include an outdoor swimming pool with sundeck, state-of-the-art fitness center with spin room, resident clubroom, dog park and electric car charging stations.
The HFF debt placement team representing the borrower consisted of senior managing directors Greg Nalbandian and Jim Cadranell.
“Steel Works represents the first Class A apartment project completed by the first class development team of Advance and DeBartolo within the Riverbend District, a 35-acre site that will ultimately deliver 3,000 luxury apartments and 100,000 square feet of retail,” Nalbandian said. “There was significant interest to finance this project and we were successful in arranging a very aggressive fixed-rate loan with a heavy interest-only period for our client.”