Greystone, a leading real estate lending, investment and advisory company, recently closed on a bridge loan of $19.05 million for the refinancing and expansion of a multifamily property in Bellflower. The financing was arranged by Dale Holzer, Managing Director at Greystone.
The borrower acquired Tower Apartments in 2022 and has since invested over $3.5 million in renovations to the property located just 14 miles southeast of downtown Los Angeles on 1.56 acres of land. The three-story building offers studio, one-, two-, and three-bedroom units along with community amenities such as a pool and laundry facilities.
With an interest-only structure, Greystone’s bridge financing provides flexibility with its two-year term that includes options for two six-month extensions. This capital will be used to add an additional 15 units to the existing building bringing the total unit count up to 133.
According to Holzer,”Greystone’s bridge-to-agency option is ideal for investors looking to execute their long-term plans for their assets by providing funding during construction, renovation,and stabilization.”
