Greystone, a leading real estate lending, investment and advisory company, has recently closed on a bridge-to-agency financing deal worth $19.05 million for a multifamily property in Bellflower. This loan was secured by Dale Holzer, Managing Director at Greystone and will be used to refinance the existing debt as well as fund the construction of additional units.
The Tower Apartments is situated 14 miles southeast of downtown Los Angeles on 1.56 acres of land. The borrower acquired this property in 2022 and invested over $3.5 million towards its complete renovation which includes studio, one-, two- and three-bedroom units along with amenities like pool and laundry facilities.
This interest-only bridge loan from Greystone comes with a two-year term that can be extended twice for six months each time if needed. The funds will primarily go towards constructing an additional 15 units within the building to bring the total unit count up to 133.
According to Holzer,”Greystone’s bridge-to-agency option provides investors with much-needed capital during crucial stages such as construction or stabilization while allowing them to focus on their long-term plans for the asset.”
