Dealmaker: Greystone Provides $84M for Multifamily

Greystone, New York, provided $84.4 million for Illinois and Florida multifamily properties.

In Wheaton, Ill., Greystone Managing Director Donny Rosenberg originated $39.4 million in Fannie Mae Delegated Underwriting and Servicing funds for Strategic Briarbrook LLC to purchase Briarbrook Apartment Homes. The 12-year loan included five years of interest-only payments and a 30-year amortization schedule.

The 342-unit property dates to 1972 with a renovation completed in 2008. 

Chicago Real Estate Daily reported that Strategic Briarbrook LLC parent company Strategic Properties of North America, Chicago, bought the asset from Redwood Capital Group, Chicago, for $50 million in August.

Rosenberg also secured a $45 million bridge loan for Tampa Woods Apartments in Tampa, Fla. Buyer Ilan Investments, Houston, renamed the former Camden Woods Apartments in Tampa’s Westshore district Tampa Woods upon acquisition.

The two-year non-recourse interest-only loan included two six-month extension options and closed in 28 days, Rosenberg said. Ilan Investments acquired the 444-unit Class A community for $58 million in August. 

“[Ilan Investments] was able to move forward with the acquisition in a tight timeframe, and we can now focus on pursuing a permanent loan that will benefit the owner, and ultimately the residents, for many years to come,” Rosenberg said.