Greystone handles $36 million for 800-unit acquisition

Raleigh, NC According to Greystone, a real estate lending, investment and advisory company, it has arranged equity investments totaling $36 million for the acquisition of 800 units in two apartment complexes in Raleigh and Atlanta, GA. The joint venture equity was arranged and structured by Abe Spira and John Williams of Greystone, and provided by a New York City based fund and a high net worth family office.

The debt associated with the acquisitions totaled $74 million, which was provided by Freddie Mac and a balance sheet lender to Irinda Capital Management, an Atlanta-based owner/operator.

“We were thrilled to work with Irinda Capital Management to help them secure the equity required to close on this portfolio.” said Mordecai Rosenberg, head of Greystone’s FHA lending group. “Given the volatility in the capital markets today, it is important for multifamily owner/operators to educate and avail themselves of conventional and unconventional sources of debt and equity that may be available. We were happy to be able to find a creative structure to enable Irinda to meet its goals for this transaction.”

“Greystone has set themselves apart as a partner with their ability to deliver a full-service approach and provide a single source solution that covered the entire capital stack we needed,” said Ryan Millsap of Irinda Capital Management. “Working with them was a smooth and successful process, and we were truly impressed from start to finish.”

Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.

Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, consistently ranking as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates.