Greystone has provided $15,400,000 in Bridge-to-Agency financing for a five-property multifamily portfolio in Texas. Intended to facilitate the refinancing and complete renovation, the bridge loan was originated by Lance Wright, Managing Director at Greystone on behalf of a Texas-based family office, with Duke Stone of Churchill Capital Company acting as the correspondent on the transaction.
The multifamily portfolio, built between the 1960s and 1970s, consists of three properties located in Sherman, Texas, and two in Denison, Texas. Totaling 189 units, the properties will receive both interior and exterior renovations to improve operations, and then move toward a permanent exit with Agency financing from Greystone. The interest-only bridge financing carries a two-year term with two, six-month extension options.
“Greystone’s Bridge-to-Agency option is a great solution for value-add properties that are in active stabilization with room for improvement, with an ultimate goal for long-term financing,” said Mr. Wright. “Our goal is to provide the right solution for every transaction to help our clients realize the full potential for all of their properties.”