NEW YORK, NY - 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 $12,165,000 bridge loan to refinance Packard Lofts Apartments, a mid-rise loft-style multifamily property located Boonton, New Jersey. The financing was originated by Eliav Dan, a Senior Managing Director at Greystone.
Packard Lofts Apartments is a 65-unit building originally constructed in the 1880s and utilized as a warehouse / distribution center by Packard Car Company in the 1950s. The property was then acquired in 2019 and converted to a loft-style residential building that includes community amenities such as a fitness area, storage, parking spaces and landscaping. The newly completed property has 12 units, or 18% of the total, reserved for affordable housing, as part of the New Jersey’s Fair Share program.
“We are proud to offer solutions such as attractive, non-recourse bridge-to-agency lease-up financing, enabling our client to ‘one stop shop’ the loan throughout the lease-up process, and ultimately get on the path to a stabilized Agency execution with minimal friction costs,” said Mr. Dan.
“We are thrilled to have worked together on this transaction, which will provide much-needed affordable housing to the Boonton market,” added Eric Baum, head of the multifamily sales desk at Greystone Monticello. “Our collaboration with Greystone ensures a seamless experience for property investors.”
About Greystone Monticello: The Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries along with hands-on collateral asset management to help service our clients. Greystone Monticello provides clients with exceptional service with breadth and depth of industry experience. For more information, visit www.greystonemonticello.com
About Greystone: Greystone is a national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance and a top-ranked FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com