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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Greystone Provides $38 Million Bridge Loan for North Carolina Multifamily Acquisition Near Duke ...

August 16, 2021 GMT

NEW YORK, Aug. 16, 2021 (GLOBE NEWSWIRE) -- 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.

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“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.

About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top 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.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com