Greystone Provides $19 Million in Bridge Financing for Expansion of Los Angeles Area Property

NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate finance company, has provided $19,050,000 in Bridge-to-Agency financing for a 118-unit multifamily property in Bellflower, California. Intended to facilitate the refinancing and construction of additional units, the bridge loan was originated by Dale Holzer, Managing Director at Greystone.*Tower Apartments*, located 14 miles southeast of downtown Los Angeles and spread across 1.56 acres, was acquired by the borrower in 2022 and completely renovated with over $3.5 million in capex. The property contains a three-story building with studio, one-, two-, and three-bedroom units and community amenities including a pool and laundry facilities.

The interest-only bridge financing provided by Greystone carries a two-year term with two, six-month extension options, and is intended to fund the construction of 15 additional units in the building for a total of 133 units.

“Greystone’s Bridge-to-Agency option can help property investors get a head start on implementing their long-term plans for an asset, providing capital during construction, renovations and stabilization,” said Mr. Holzer.

*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