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NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $41.2 million bridge loan for the acquisition of a multifamily property in Austin, TX. The transaction was originated by Steven Vainer, Director at Greystone on behalf of Lynd Living.
The property is secured by a Greystone bridge loan that includes a 36-month term with two 1-year extension options, with the intention for permanent take-out financing with Greystone.
Constructed in 2001, Legends.
Colorado Asset Changes Ownership in $47M Deal
Lynd Acquisitions Group purchased a 288-unit community in Colorado Springs, which has seen increased in-migration during the pandemic. Dec232020 Image courtesy of Lynd Acquisitions Group
Lynd Acquisitions Group has expanded its multifamily portfolio with the Village at Lionstone Apartments, a garden-style apartment community directly east of downtown Colorado Springs, Colo. The cost of the acquisition was $46.7 million. According to Yardi Matrix data, the previous owner was American Capital Realty Group, which bought the asset in 2017 for $40.5 million from AllPro Capital.
Lynd anticipates undertaking a value-add plan that will bring upgrades to the property’s living spaces and common areas.