Greystone’s $46m loan backs Pennsylvania apartments

Greystone has provided a $46 million bridge loan to Liss Property Group for the acquisition of Riverview Landing at Valley Forge in Eagleville, Pennsylvania.

Greystone has provided a $46 million bridge loan to Liss Property Group for the acquisition of Riverview Landing at Valley Forge in Eagleville, Pennsylvania.

Liss Property Group and joint venture equity partner Azure Investments paid Texas-based Milestone Apartments $55 million for the 310-unit multifamily property.

The firm did not immediately respond for comment regarding loan terms and pricing, but Mark Jarrell, EVP at Greystone, called it “competitively priced” in a statement. The loan was originated by Greystone’s Nathan Schuss.

Last month Greystone provided $83 million in multifamily loans on two properties located in the southeast region of the US: a three-year, $58 million bridge loan recapitalizing the 510-unit Watermark at East Cobb Apartments in Marietta, Georgia, and a 10-year, $25 million CMBS loan to refinance the 211-unit Addison Ridge multifamily property in Fayetteville, North Carolina.

The company also provided a $22.5 million FHA-insured loan to refinance Grand Island Apartments, a 204-unit multifamily property located in Memphis, Tennessee.

Greystone became the first lender to hit $500 million in Freddie Mac Small Balance Loan origination, helping the new product to recently surpass $1 billion in overall volume.  

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