NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $38,160,000 bridge loan for the acquisition of a multifamily property in Durham, North Carolina. The transaction was originated by Justin Hechler, Vice President at Greystone on behalf of Magma Equities.
University Apartments is secured by a new Greystone bridge loan that includes a 30-month term with two six-month extensions. The property was built in several phases between 1938 and 1984 and includes two outdoor swimming pools. Currently, approximately 60% of the property’s tenants are students affiliated with Duke University, located a mile away, and the new owner intends to broaden the tenant mix over time to a more traditional multifamily setting within the community.
“This property represents a fantastic opportunity for the sponsor to expand the existing tenant base in a region that’s experiencing population growth and increased apartment rental interest by young professionals and the workforce at large,” said Mr. Hechler.
“Greystone’s bridge program is attractive because it offers a number of permanent exit options that will enable the property to be set long-term, and enable us to provide a renewed living experience for existing and new tenants,” said Ryan Hall, Managing Principal, Magma.