Greystone, a leading national commercial real estate finance company, has provided a $27,503,000 Freddie Mac Optigo® loan to refinance a 109-unit multifamily / mixed use property in Philadelphia, Penn. The transaction was originated by Ryan Harkins and Dan Gillard of Greystone on behalf of Gotham Tower LP.
The non-recourse, fixed-rate, 12-year loan for The Gotham replaces construction financing as the building became stabilized after completion. Acquired in 2018, the property has seen extensive capital improvements as it was transformed from its original use as a silk factory to a mixed-use property with studio, one-, two-, three-, and four-bedroom units along with an attractive amenity package.
“This development project was a unique opportunity to bring high-quality rental housing to the Philadelphia market while preserving the historic charm of the original use of the site as Gotham Silk Factory,” said Jim Maransky, principal of the borrower. “This was an extremely complex multi-phase development project with a large historic component. Greystone was the perfect partner to help guide us through the permanent financing process, and we are thrilled with the outcome.”
“Working with Jim and the Ebuilt team was a true pleasure as we helped to position this unique property for long-term success with Freddie Mac permanent financing,” said Mr. Harkins. “The Gotham is a transformational property that is going to enhance the growing Fishtown/Kensington section of Philadelphia for years to come.”
Ken Wellar of Rittenhouse Realty Advisors assisted in arranging the financing.
“The Gotham was a perfect execution of a redevelopment in one of the hottest markets in Philadelphia,” said Wellar. “We believe Jim and his team will experience great rent growth over the next five to ten years. Dan and Ryan did a great job getting this one across the finish line.”
Greystone, a leading national commercial real estate finance company, has provided a $13,650,000 bridge loan to refinance a 168-unit multifamily property in Tallahassee, Florida. The transaction was originated by Kyle Jemtrud, Managing Director in Greystone’s Minneapolis office, on behalf of Pax Properties LLC.
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.
“Greystone’s bridge-to-HUD process helps our clients get access to the capital they need while seeking a permanent financing solution,” said Mr. Jemtrud. “Our in-depth knowledge of the multifamily marketplace, coupled with our deep lending platform, means we can bring these transactions to a quick and seamless close so that our clients stay focused on building out and managing the properties in their portfolios.”
“Our Greystone team shared our vision and saw our needs as their own, providing us with the interim financing we needed in extremely short order while working with us to secure a permanent solution,” said Mr. Justin Ford, principal of Pax Properties LLC. “They are true partners and professionals in every sense, and their multifamily lending platform is unparalleled.”
