Greystone has provided a $45 million bridge loan to Ilan Investments on its acquisition of the 444-unit Tampa Woods Apartments community in Tampa, Florida.
The two-year, interest-only loan includes two six-month extension options. The borrower purchased the Class A garden style apartments, spread across 38 buildings at 5207 Belle Chase Circle located in the Westshore district, for $58 million, bringing the loan-to-value to 78 percent.
Charlie Yalamanchili, principal at Ilan Investments, said the interim financing will enable the firm to identify a long-term financing exit on the property. And Donny Rosenberg, managing director at Greystone, noted that the search for a permanent loan is underway.
Though this bridge loan was funded through Greystone’s balance sheet, the real estate lender and advisory firm has also provided an array of Freddie Mac and Fannie Mae multifamily loans this year.
Last month, Greystone provided a $62 million Freddie Mac loan on the Watermark at East Cobb in Marietta, a suburb of Atlanta, Georgia. The firm also originated $49.4 million in Freddie Mac loans to refinance two assisted living and memory care facilities in Carmichael, California and Denver, Colorado that same month.
Houston, Texas-based Ilan Investments is a privately held real estate investment manager, focused on the multifamily sector.