{"id":11060,"date":"2024-03-24T19:24:13","date_gmt":"2024-03-25T00:24:13","guid":{"rendered":"https:\/\/1reason.com\/re\/greystone-monticello-provides-37-million-in-financing-for-build-to-rent-portfolio-in-arizona-cushman-wakefield-represents-buyer\/11060\/"},"modified":"2024-03-25T14:24:13","modified_gmt":"2024-03-25T19:24:13","slug":"greystone-monticello-provides-37-million-in-financing-for-build-to-rent-portfolio-in-arizona-cushman-wakefield-represents-buyer","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/greystone-monticello-provides-37-million-in-financing-for-build-to-rent-portfolio-in-arizona-cushman-wakefield-represents-buyer\/11060\/","title":{"rendered":"Greystone Monticello Provides $37 Million in Financing for Build-to-Rent Portfolio in Arizona, Cushman & Wakefield Represents Buyer"},"content":{"rendered":"
<\/p>\n

Jeems Lochridge of Cushman & Wakefield represented Balfour Pacific Capital and Stone View Holdings, the joint buyers and co-General Partners in the transaction, and Greystone\u2019s Dale Holzer of Greystone originated the loan through Greystone Monticello. In the transaction led by Chris Hetzel, Greystone Monticello provided a two-year $37,250,000 bridge acquisition loan to allow for lease-up and stabilization of the portfolio.<\/p>\n

The two-site portfolio, Stone View on Central<\/strong> and Stone View on 7<\/strong>th<\/strong><\/sup>, consists of build-to-rent, entry-level communities totaling 123 homes. The properties are developed to modern new-home construction standards with each townhome-style unit featuring quartz countertops, stainless steel appliances, en-suite laundry, and select units have two-car attached garages. All units are individually metered for electricity, water, and trash services and individually platted with their own addresses.<\/p>\n

\u201cThe demand for build-to-rent assets in the Phoenix MSA remains robust, both from the investor standpoint and the renter. Build-to-rent properties provide a desirable option for renters looking for the comforts of a home who are priced out of the home buyer market. The partnership between Stone View Holdings and Balfour Pacific identified the opportunity to provide much needed infill housing to meet this renter demand,\u201d said Jeems Lochridge, Managing Director, Cushman & Wakefield.<\/p>\n

\u201cThe build-to-rent asset class is a promising investment class for the multifamily sector, having shown growing strength in demand over the last several years,\u201d said Mr. Holzer. \u201cGreystone strives to offer a broad range of financing options that can satisfy a number of client needs, and we are thrilled to provide this build-to-rent acquisition financing solution with Greystone Monticello.\u201d<\/p>\n

\u201cThe successful execution of the financing is a testament to our strong relationship with Greystone Monticello\u2019s Chris Hetzel,\u201d said Bruce Rudichuk, Balfour\u2019s Head of Multifamily, adding, \u201cThe bridge financing is a perfect solution for our lease-up period, and we are excited to explore permanent exit options with Greystone.\u201d<\/p>\n

David Shlomi, Principal of Stone View Holdings added, \u201cIt was a pleasure working with the teams on this portfolio acquisition in Phoenix, which is a market we are very optimistic about.\u201d<\/p>\n

About Cushman & Wakefield<\/strong>
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com<\/a>.<\/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 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<\/a>.<\/p>\n

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

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NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) — Greystone Monticello and Cushman & Wakefield jointly announced today that the firms provided financing for, and represented the buyer of, respectively, a two-property portfolio of build-to-rent multifamily communities in Phoenix, Arizona.<\/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\/11060"}],"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=11060"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11060\/revisions"}],"predecessor-version":[{"id":11096,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11060\/revisions\/11096"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=11060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=11060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=11060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}