HSBC Bank has lent Greystar $41m for the purchase of Ten Faxon, a 200-unit apartment building in Quincy, Massachusetts.
The deal carries a 63% loan-to-value based on the $65m Greystar paid for the 10-story building.
HSBC funded another of the firm’s apartment building acquisitions last month, placing a $27.8m loan on the $43m purchase of the Jefferson at Admirals Hill in Chelsea, Massachusetts, which carried an LTV just below 65%.
Greystar, a property management and investment firm with a 400,000-unit, $10bn global portfolio, continues to grow its empire of apartment buildings across the country after acquiring apartment manager Riverstone Residential Group from London-based CAS Capital Limited in June.
That same month Greystar held the final close of Greystar Equity Partners VIII, a discretionary commingled fund focused on the acquisition of value-add multifamily assets across the United States, with total equity commitments of $800m.
“While the multifamily landscape has evolved over the last couple years, we continue to have a positive outlook on the industry driven by strong secular demand trends and headwinds against widespread over-development,” Wes Fuller, head of Greystar’s investment management business, said at the time.
“We believe the environment is one that favors value-add expertise, and we are keenly focused on finding the right opportunities in the right markets.”