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| Betsy Vartanian |
New York, NY –
Greystone, a leading national provider of multifamily and healthcare mortgage
loans, today announced that it has provided a total of $28 million in bridge
loan financing to United Group of Companies Inc., for two market rate senior
apartment communities located in New York and Georgia.
The loans were originated by Donny Rosenberg, a
Managing Director in Greystone’s multifamily lending group, in conjunction with
Steve Germano, Managing Director of Greystone’s Portfolio Lending Group.
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| Michael Uccellini |
Schuyler Commons
in New York and The Lodge at BridgeMill in Georgia received $28 million
of loan proceeds through Greystone’s bridge loan program.
Both properties received attractive terms with a new
maturity allowing the borrower to execute their business plan.
“The United Group
had a beneficial experience working with Greystone to close a complicated
financial restructuring,” said Michael Uccellini, President and CEO of
United Group.
“The talented and
professional Greystone team was responsive, accommodating and brought great
value in closing the financing transaction we required. This valued business
relationship is strongly recommended to the development community and will
certainly be utilized in the future, as we have other financing opportunities
identified.”
Schuyler Commons, New York
Greystone’s extensive bridge financing experience enabled
the team to work through the complexities of age-restricted housing quickly,
and successfully close the loans for the two properties. The loan proceeds were
used to refinance existing debt. Greystone will work with United Group of
Companies to provide long-term financing prior to the maturity of the bridge
loan.
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| The Lodge at BridgeMill Canton, GA |
“Borrowers facing
impending loan maturity continue to look to Greystone for their bridge
financing needs,” said Betsy Vartanian, Head of Greystone’s FHA
business.
“Our clients often need to retire existing debt obligations
quickly to avoid pending loan maturity but also want to secure long term
financing with favorable loan terms.
“Greystone is able to offer bridge financing quickly while
simultaneously structuring the optimal long term financing solution that best
addresses the borrower’s needs and objectives.
"Our creativity and ability to
move quickly coupled with our proven success in delivering permanent financing,
often FHA insured, allow us to provide clients with the best possible interim
solution as they plan their permanent capital structure over a lengthier period
of time.”
For a complete copy
of the company’s news release, please contact:
Loretta Mock/Jessica Kleinman
Cognito
+1 646 395 6300
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