Greystone Monticello Provides $37 Million in Financing for Build-to-Rent Portfolio in Arizona, Cushman & Wakefield Represents Buyer
29 Fevereiro 2024 - 12:45PM
Greystone Monticello and Cushman & Wakefield jointly announced
today that the firms provided financing for, and represented the
buyer of, respectively, a two-property portfolio of build-to-rent
multifamily communities in Phoenix, Arizona.
Jeems Lochridge of Cushman & Wakefield represented Balfour
Pacific Capital and Stone View Holdings, the joint buyers and
co-General Partners in the transaction, and Greystone’s Dale Holzer
of Greystone originated the loan through Greystone Monticello. In
the transaction led by Chris Hetzel, Greystone Monticello provided
a two-year $37,250,000 bridge acquisition loan to allow for
lease-up and stabilization of the portfolio.
The two-site portfolio, Stone View on Central
and Stone View on 7th, consists
of build-to-rent, entry-level communities totaling 123 homes. The
properties are developed to modern new-home construction standards
with each townhome-style unit featuring quartz countertops,
stainless steel appliances, en-suite laundry, and select units have
two-car attached garages. All units are individually metered for
electricity, water, and trash services and individually platted
with their own addresses.
“The demand for build-to-rent assets in the Phoenix MSA remains
robust, both from the investor standpoint and the renter.
Build-to-rent properties provide a desirable option for renters
looking for the comforts of a home who are priced out of the home
buyer market. The partnership between Stone View Holdings and
Balfour Pacific identified the opportunity to provide much needed
infill housing to meet this renter demand,” said Jeems Lochridge,
Managing Director, Cushman & Wakefield.
“The build-to-rent asset class is a promising investment class
for the multifamily sector, having shown growing strength in demand
over the last several years,” said Mr. Holzer. “Greystone strives
to offer a broad range of financing options that can satisfy a
number of client needs, and we are thrilled to provide this
build-to-rent acquisition financing solution with Greystone
Monticello.”
“The successful execution of the financing is a testament to our
strong relationship with Greystone Monticello’s Chris Hetzel,” said
Bruce Rudichuk, Balfour’s Head of Multifamily, adding, “The bridge
financing is a perfect solution for our lease-up period, and we are
excited to explore permanent exit options with Greystone.”
David Shlomi, Principal of Stone View Holdings added, “It was a
pleasure working with the teams on this portfolio acquisition in
Phoenix, which is a market we are very optimistic about.”
About Cushman & WakefieldCushman &
Wakefield (NYSE: CWK) is a leading global commercial real estate
services firm for property owners and occupiers with approximately
52,000 employees in approximately 400 offices and 60 countries. In
2022, the firm reported revenue of $10.1 billion across its core
services of property, facilities and project management, leasing,
capital markets, and valuation and other services. It also receives
numerous industry and business accolades for its award-winning
culture and commitment to Diversity, Equity and Inclusion (DEI),
Environmental, Social and Governance (ESG) and more. For additional
information, visit www.cushmanwakefield.com.
About Greystone MonticelloThe
Greystone Monticello joint venture provides a wide range of bridge
financing options in the multifamily and seniors housing industries
along with hands-on collateral asset management to help service our
clients. Greystone Monticello provides clients with exceptional
service with breadth and depth of industry experience. For more
information, visit www.greystonemonticello.com.
About GreystoneGreystone is a
private national commercial real estate finance company with an
established reputation as a leader in multifamily and healthcare
finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac
lender in these sectors. Loans are offered through Greystone
Servicing Company LLC, Greystone Funding Company LLC and/or other
Greystone affiliates. For more information, visit
www.greystone.com.
PRESS CONTACT:Karen
MarottaGreystone212-896-9149Karen.Marotta@greyco.com
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