Trending Multifamily News
Greystone Monticello, a bridge lending platform serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, provided a $60,250,000 bridge loan and an $8,000,000 mezzanine loan to refinance The Irby, a Class-A multifamily property located in the Buckhead submarket of Atlanta, GA, and owned by an affiliate of Lone Star Funds, a leading private equity enterprise. The financing was originated by Greystone Commercial Capital, a division at Greystone that focuses on institutional structured lending.
Developed in 2020, The Irby is 12 stories high with 277 residential units (studio, 1-bedroom, and 2-bedroom layouts), 15,000 square feet of retail, and 132 parking spaces. Amenities at the property include a resort-style saltwater pool, elevated courtyard with fire pit and grilling station, private cabanas, 24-hour athletic club & yoga studio, complimentary wine on-tap, sauna, media & game room, on-site pet spa, bike room & repair station, Peloton bikes, high-rise lookout terrace, 24/7 concierge, a curated art program, and more. A bustling professional, shopping, and cultural hub, Buckhead is a growing intown market in Atlanta experiencing steady population growth of 8.7% over the past five years.
“It’s a true testament to the strength of the Greystone Monticello joint venture that the team sprang into action and worked closely to execute this financing to meet the client’s needs,” said Scott Chisholm, head of Greystone Commercial Capital. “Having the bridge financing team so close at hand to work together on large-scale transactions means that our clients have numerous options for financing as they weigh permanent exit options, and this bridge solution was no exception.”
“The Greystone Monticello team is highly skilled and efficient, creating value for our clients every step of the way. This execution shows the true benefits of the Greystone Monticello joint venture,” added Eric Baum, head of the multifamily sales desk at Greystone Monticello.
Greystone Monticello, a bridge lending platform intended to serve as a one-stop-shop provider of capital finance products and services for the multifamily and senior housing sectors, has provided bridge financing towards the $150 million acquisition of a portfolio of eight Supportive Living Facilities (SLF) located across the state of Illinois. Greystone Senior Managing Director Eric Rosenstock worked with both the buyer and the seller on this transaction and originated the bridge financing.
The portfolio of eight SLF properties were financed with a two-year bridge loan and are intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 total beds, the facilities are located in Elk Grove, Melrose Park, Country Club Hills, Bartlett, Vernon Hills, and Chicago. The Supportive Living Program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing.
“The Supportive Living Facility program fills a gap in much-needed services for affordable seniors housing in Illinois. Greystone Monticello’s experience in this asset type means our firm is well-positioned to bring together buyers and sellers through creative financing structures and advantageous exit solutions,” said Mr. Rosenstock. “Greystone’s bridge-to-Agency/HUD platform is just one of the many ways we help clients in seniors housing, skilled nursing and supportive living spaces get the most out of their portfolios and provide quality housing solutions to their residents.”
Greystone Monticello announces Eric T. Baum has joined as Head of the Multifamily Bridge Sales Desk, working closely with the firms’ originators, including sizing, quoting, and issuing bridge loan applications. Formed in 2021, the Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries.
Mr. Baum brings more than 25 years of experience in commercial real estate lending, management and credit analysis to Greystone Monticello. Throughout the course of his career, he has originated, structured, underwritten and closed over $23.2 billion of commercial real estate debt products on all property types across the United States. Most recently, Mr. Baum was a Managing Director at Lument, where he originated new bridge loan opportunities for multifamily assets, including nearly stabilized and transitional properties. He has served as a Managing Director at Exantas Real Estate Funding, focusing on loan underwriting, credit analysis and closings, and has also held senior positions with CW Financial Services, Ventras and Capmark Financial Group/GMAC Commercial Mortgage.
Mr. Baum will be based out of Philadelphia, reporting to Mark R. Jarrell, Executive Vice President, Portfolio Lending at Greystone Monticello.
“Eric has incredibly deep expertise and long-standing industry relationships in commercial real estate finance, particularly in the multifamily space,” said Mr. Jarrell. “We are excited about the impact that he will have on the Greystone Monticello joint venture and look forward to his leadership in furthering our ability to serve our clients well, with solutions that make sense for their unique situations.”