NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a bridge loan for the acquisition of Vista Azul Apartments, a 248-unit multifamily property in Dallas, TX. The transaction was originated by Justin Hechler, Vice President at Greystone on behalf of Ryan Hall & Robert Murray of Magma Equities.
The non-recourse floating rate bridge loan from Greystone features a 36-month term with two six-month extensions and is interest-only. Located in Northwest Dallas, Vista Azul Apartments was constructed in 1973 and features 15 two- and three-story apartment buildings. The property includes amenities such as a fitness center, laundry room, and a BBQ area with on-site parking.
“We are thrilled to have helped our client acquire this quality Dallas asset as an opportunity for upside and growth in their portfolio,” said Mr. Hechler. “Greystone’s bridge lending solution is a perfect product for a needed stabilization period before pursuing permanent, long-term financing with Fannie Mae, Freddie Mac, or HUD, and we have the capability to bring our clients in the direction that best suits them for their needs.”
"Greystone’s guidance has been so valuable as we pursue acquisition opportunities across the US and continue to build on our portfolio," said Mr. Hall, principal of Magma Equities. “Justin and the Greystone team’s ability to structure creative solutions throughout the capital stack has helped foster a strong relationship between our firms, and we look forward to continuing to grow together.”