Greystone has provided $14.938 million in bridge financing for the acquisition of a 154-unit multifamily property in Ann Arbor, Michigan. The transaction was originated by Reuben Dolny, director, and Jason Yuen, managing director, at Greystone, on behalf of Cape Sierra Capital.
Constructed in 2002, Lynden Parke Apartments in Washtenaw County consists of a garden-style building featuring studio, one- and two-bedroom units.
The interest-only bridge loan from Greystone carries a 24-month term with one 12-month extension option, enabling the borrower to complete the acquisition and fund capital improvements while Greystone works to secure permanent Agency financing as part of its Bridge-to-Agency platform.
