Greystone, a New York City-based commercial real estate finance company, has provided $19 million in bridge-to-agency financing for Tower Apartments, a 118-unit multifamily property in the Los Angeles suburb of Bellflower, California.
Tower Apartments contains a three-story building with studio, one-, two-, and three-bedroom units. The 1.56-acre property, which also includes a pool and laundry facilities, was acquired by the borrower in 2022 and completely renovated with over $3.5 million in capex.
The interest-only bridge financing provided by Greystone carries a two-year term with two, six-month extension options, and is intended to fund the construction of 15 additional units in the building for a total of 133 units. The bridge loan was originated by Dale Holzer, managing director at Greystone.
“Greystone’s bridge-to-agency option can help property investors get a head start on implementing their long-term plans for an asset, providing capital during construction, renovations and stabilization,” said Holzer.
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