Dealmaker: Greystone Arranges $75M in Multifamily Construction Funds
Greystone, New York, provided $75.2 million in construction financing for multifamily and mixed-use properties in Louisiana and Connecticut.
In Youngsville, La., Greystone provided $25.2 million under the HUD 221(d)(4) program to develop Sugar Mill Villas Apartments, a new 164-unit multifamily apartment community located at 1931 Chemin Metairie Parkway.
The new loan, which will fund 85 percent of total project costs, was structured as a non-recourse fixed-rate construction loan that will automatically convert to a 40-year fully-amortizing permanent loan upon project stabilization.
Located within the master-planned Sugar Mill Pond neighborhood, Sugar Mill Villas Apartments is within walking distance of the $20 million 70-acre Youngsville Sports Complex recreational center. USA Today recently ranked Youngsville a top city for residents.
In New Haven, Conn., Greystone arranged a $50 million leasehold construction facility for Adam America Real Estate, New York, to develop a six-story mixed-use building with 299 apartment units and 6,100 square feet of ground-floor retail space at 44 Olive Street.
BMO Harris Bank, Chicago, provided the construction loan, which will finance development of a Greystone Capital Advisors’ Drew Fletcher and Matthew Hirsch arranged the financing.
“44 Olive Street provides critical inventory to New Haven, which has minimal new multifamily product, low vacancy and extraordinarily strong demand drivers,” said Adam America Real Estate Founder Omri Sachs.