The property, acquired for $24,500,000, is secured by a Greystone bridge loan that includes a 30-month term with one six-month extension, with the intention for a permanent take-out via Fannie Mae financing with Greystone.
Brannon Park is a 299-unit property located at 3822 Mizzell Road comprising 13 three-story residential buildings. Amenities include a swimming pool; tennis court; playground; fitness center; and laundry facilities. The property consists of studio, one-, and two-bedroom units, and the new owner intends to invest $1.35 million for renovations of 225 units.
“We are thrilled to have helped our repeat client with an acquisition loan in continuing to build their multifamily portfolio,” said Mr. Sacks.
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
