{"id":10067,"date":"2023-11-27T22:31:46","date_gmt":"2023-11-28T04:31:46","guid":{"rendered":"https:\/\/1reason.com\/re\/greystone-monticello-provides-12-2-million-in-financing-for-newly-converted-loft-apartments-in-new-jersey\/10067\/"},"modified":"2023-11-28T16:31:46","modified_gmt":"2023-11-28T22:31:46","slug":"greystone-monticello-provides-12-2-million-in-financing-for-newly-converted-loft-apartments-in-new-jersey","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/greystone-monticello-provides-12-2-million-in-financing-for-newly-converted-loft-apartments-in-new-jersey\/10067\/","title":{"rendered":"Greystone Monticello Provides $12.2 Million in Financing for Newly Converted Loft Apartments in New Jersey"},"content":{"rendered":"
The financing was originated by Eliav Dan, a Senior Managing Director at Greystone. <\/p>\n

Packard Lofts Apartments is a 65-unit building originally constructed in the 1880s and utilized as a warehouse \/ distribution center by Packard Car Company in the 1950s. The property was then acquired in 2019 and converted to a loft-style residential building that includes community amenities such as a fitness area, storage, parking spaces and landscaping. The newly completed property has 12 units, or 18% of the total, reserved for affordable housing, as part of the New Jersey\u2019s Fair Share program.<\/p>\n

\u201cWe are proud to offer solutions such as attractive, non-recourse bridge-to-agency lease-up financing, enabling our client to \u2018one stop shop\u2019 the loan throughout the lease-up process, and ultimately get on the path to a stabilized Agency execution with minimal friction costs,\u201d said Mr. Dan.<\/p>\n

\u201cWe are thrilled to have worked together on this transaction, which will provide much-needed affordable housing to the Boonton market,\u201d added Eric Baum, head of the multifamily sales desk at Greystone Monticello. \u201cOur collaboration with Greystone ensures a seamless experience for property investors.\u201d<\/p>\n

About Greystone Monticello<\/strong>
The Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries along with hands-on collateral asset management to help service our clients. Greystone Monticello provides clients with exceptional service with breadth and depth of industry experience. For more information, visit www.greystonemonticello.com<\/a>.<\/p>\n

About Greystone <\/strong>
Greystone is a national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance and a top-ranked 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<\/a>.<\/p>\n

PRESS CONTACT:<\/strong>
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com<\/a><\/p>\n

<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

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Reimagined Packard Car Company Warehouse Includes 18% of Units Reserved for Affordable Housing<\/p>\n

NEW YORK, Oct. 30, 2023 (GLOBE NEWSWIRE) — Greystone Monticello, a bridge lending platform serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, provided a $12,165,000 bridge loan to refinance Packard Lofts Apartments, a mid-rise loft-style multifamily property located in Boonton, New Jersey.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/10067"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=10067"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/10067\/revisions"}],"predecessor-version":[{"id":10097,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/10067\/revisions\/10097"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=10067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=10067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=10067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}