Greystone, a leading national commercial real estate finance company, has provided a $20,400,000 bridge loan for the acquisition of a multifamily property in Greensboro, North Carolina. The transaction was originated by Dan Sacks, Managing Director at Greystone.
The property is secured by a Greystone bridge loan that includes a 30-month term with one six-month extension, with the intention for a permanent take-out via Fannie Mae financing with Greystone.
Brannon Park is a 299-unit property located at 3822 Mizzell Road comprising 13 three-story residential buildings. Amenities include a swimming pool; tennis court; playground; fitness center; and laundry facilities. The property consists of studio, one-, and two-bedroom units, and the new owner intends to invest $1.35 million for renovations of 225 units.
“We are thrilled to have helped our repeat client with an acquisition loan in continuing to build their multifamily portfolio,” said Mr. Sacks.