Source: greystone / #Multifamily #Finance
NEW YORK, NY - Greystone, a leading national provider of multifamily and healthcare mortgage loans, announced that it has provided a total of $28 million in bridge loan financing to United Group of Companies Inc., for two market rate senior apartment communities located in New York and Georgia. The loans were originated by Donny Rosenberg, a Managing Director in Greystone’s multifamily lending group, in conjunction with Steve Germano, Managing Director of Greystone’s Portfolio Lending Group.
Greystone’s extensive bridge financing experience enabled the team to work through the complexities of age-restricted housing quickly, and successfully close the loans for the two properties. The loan proceeds were used to refinance existing debt. Greystone will work with United Group of Companies to provide long-term financing prior to the maturity of the bridge loan.
“Borrowers facing impending loan maturity continue to look to Greystone for their bridge financing needs,” said Betsy Vartanian, Head of Greystone’s FHA business. “Our clients often need to retire existing debt obligations quickly to avoid pending loan maturity but also want to secure long term financing with favorable loan terms. Greystone is able to offer bridge financing quickly while simultaneously structuring the optimal long term financing solution that best addresses the borrower’s needs and objectives. Our creativity and ability to move quickly coupled with our proven success in delivering permanent financing, often FHA insured, allow us to provide clients with the best possible interim solution as they plan their permanent capital structure over a lengthier period of time.”
Schulyler Commons in New York and The Lodge at BridgeMill in Georgia received $28 million of loan proceeds through Greystone’s bridge loan program. Both properties received attractive terms with a new maturity allowing the borrower to execute their business plan. “The United Group had a beneficial experience working with Greystone to close a complicated financial restructuring,” said Michael Uccellini, President and CEO of United Group. “The talented and professional Greystone team was responsive, accommodating and brought great value in closing the financing transaction we required. This valued business relationship is strongly recommended to the development community and will certainly be utilized in the future, as we have other financing opportunities identified.”
Greystone provides bridge loans from $5 million to $30 million with a maximum Loan to Value ratio of 80%. There is no lockout period, and no exit fee if permanent financing is originated via Greystone. A dedicated Greystone relationship manager guides a borrower through both programs, allowing for cost and time efficiencies on the takeout program. Loans are available for properties throughout the United States.