{"id":3878,"date":"2021-09-11T08:36:04","date_gmt":"2021-09-11T13:36:04","guid":{"rendered":"https:\/\/1reason.com\/re\/greystone-provides-38-million-bridge-loan-for-north-carolina-multifamily-acquisition-near-duke-university\/3878\/"},"modified":"2021-09-12T03:36:04","modified_gmt":"2021-09-12T08:36:04","slug":"greystone-provides-38-million-bridge-loan-for-north-carolina-multifamily-acquisition-near-duke-university","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/greystone-provides-38-million-bridge-loan-for-north-carolina-multifamily-acquisition-near-duke-university\/3878\/","title":{"rendered":"Greystone Provides $38 Million Bridge Loan for North Carolina Multifamily Acquisition Near Duke University"},"content":{"rendered":"
The transaction was originated by Justin Hechler, Vice President at Greystone on behalf of Magma Equities. <\/p>\n

University Apartments<\/strong> is secured by a new Greystone bridge loan that includes a 30-month term with two six-month extensions. The property was built in several phases between 1938 and 1984 and includes two outdoor swimming pools. Currently, approximately 60% of the property\u2019s tenants are students affiliated with Duke University, located a mile away, and the new owner intends to broaden the tenant mix over time to a more traditional multifamily setting within the community.<\/p>\n

\u201cThis property represents a fantastic opportunity for the sponsor to expand the existing tenant base in a region that\u2019s experiencing population growth and increased apartment rental interest by young professionals and the workforce at large,\u201d said Mr. Hechler.<\/p>\n

\u201cGreystone\u2019s bridge program is attractive because it offers a number of permanent exit options that will enable the property to be set long-term, and enable us to provide a renewed living experience for existing and new tenants,\u201d said Ryan Hall, Managing Principal, Magma.<\/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

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

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NEW YORK, Aug. 16, 2021 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $38,160,000 bridge loan for the acquisition of a multifamily property in Durham, North Carolina.<\/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\/3878"}],"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=3878"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/3878\/revisions"}],"predecessor-version":[{"id":3893,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/3878\/revisions\/3893"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=3878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=3878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=3878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}