Greystone, a leading national commercial real estate finance company, has provided an $8.3 million bridge loan for the acquisition of The Reserve Apartments, an 87-unit multifamily property in Colorado Springs, CO. The transaction was originated by Dale Holzer, Managing Director at Greystone.
The $8,275,000 non-recourse floating rate bridge loan from Greystone features a 24-month term with one six-month extension and is interest-only. The Reserve Apartments was constructed in 1970, comprises only one-bedroom, one-bath units, and the property as a whole consists of three two-story exterior walk-up buildings and one single-story office/clubhouse building.
In July 2021, Greystone provided a $26.6 million bridge loan to the same borrower for the acquisition of Parkview Terrace in Thornton, Colorado.
“Our client is a high-quality sponsor that truly cares about the residents in its properties, and they plan to invest significantly in this value-add property,” said Mr. Holzer. “For that reason, Greystone’s bridge lending solution is a perfect fit for them as they stabilize this asset, and we look forward to ushering them to long-term, permanent financing.”
"Dale’s guidance has been critical during this time of growth for our portfolio, from Greystone’s broad range of capital solutions to Dale’s personal commitment to client service," said Matthew Stevens, principal of the borrower. "We are grateful for his support in our multifamily investment journey."