NEW YORK, Oct. 1, 2014 (GLOBE NEWSWIRE) -- Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it provided a $19,500,000 bridge loan for the acquisition of two multifamily properties in Dallas, TX. The transaction was originated by JD Stettin, a mortgage originator based in Greystone's New York office.
The interest-only bridge loan for Vineyards & Villa Jolla carries a 2-year term for the borrower, Dallas-based Presidium Group. Presidium plans to invest over $5 million in capital improvements for both properties for interior and exterior upgrades, including more robust amenities packages and upon stabilization, Presidium will pursue long-term HUD financing through Greystone.
"With an ultimate end-goal of long-term, low rate FHA financing for these new acquisitions, Greystone's bridge solution provides the perfect lead-up by closing quickly, financing capital improvements and laying the ground work for HUD," said John Griggs, Co-CEO of Presidium Group.
"Greystone's end-to-end bridge solution can provide financing to satisfy a variety of borrower goals, including our ability to guide them through the complex process of securing HUD financing," said Marty Lanigan, head of Greystone's Portfolio Lending Group. "We are seeing an increasing number of property owners in Texas pursue this path, and Greystone's expertise in this market has proven abundantly clear."
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing volume as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.
Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone's mission is to apply unparalleled creativity while modeling corporate compassion. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information about Greystone's multifamily and healthcare financing solutions please visit http://www.greyco.com.
CONTACT: PRESS CONTACT: Karen Marotta PR Manager, Greystone 212-896-9149 KMarotta@Greyco.com