### Greystone Provides $9.5M Bridge Loan for Washington, D.C. Multifamily Property
Greystone has provided a $9.5 million bridge loan to refinance a 130-unit affordable multifamily property in Washington, D.C.
Greystone Managing Director Jon Morales originated the financing on behalf of The Hampstead Group, Inc., and National Housing Trust. R Street Apartments, built in 1912 and located near the Dupont Circle neighborhood, is an income- and rent-restricted LIHTC property. The complex consists of five mid-rise buildings offering one-, two-, and three-bedroom units.
The interest-only bridge loan from Greystone has a 36-month term with two 12-month extension options. It allows the borrower to refinance their existing loan and fund capital improvements while Greystone works to secure permanent financing through one of its multifamily lending platforms, including Agency, HUD, or LIHTC.
“Our bridge program is particularly attractive for affordable housing sponsors because of the many alternatives for seamlessly transitioning into permanent financing,” said Morales. “We are thrilled we can help our client realize their vision for this property while seeking a more permanent financing solution.”
