Greystone has provided a $9.5 million bridge loan to refinance a 130-unit affordable multifamily property in Washington, D.C.
Greystone Managing Director Jon Morales originated the financing on behalf of The Hampstead Group, Inc., and National Housing Trust. Constructed in 1912 and located near the Dupont Circle neighborhood, R Street Apartments is an income—and rent-restricted LITHC property consisting of five mid-rise buildings with one-, two-, and three-bedroom units.
Greystone’s $9.5 million interest-only bridge loan has a 36-month term with two 12-month extension options. It enables the borrower to refinance their existing loan and fund capital improvements while Greystone works to secure permanent financing on one of its industry-leading multifamily lending platforms, including Agency, HUD and/or LIHTC.
“Our bridge program is particularly attractive for affordable housing sponsors because of the many alternatives for seamlessly transitioning into permanent financing,” said Morales. “We are thrilled we can help our client realize their vision for this property while seeking a more permanent financing solution.”
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