Reimagined Packard Car Company Warehouse Includes 18% of Units Reserved for Affordable Housing
NEW YORK, Oct. 30, 2023 (GLOBE NEWSWIRE) — Greystone Monticello, a bridge lending platform serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, provided a $12,165,000 bridge loan to refinance Packard Lofts Apartments, a mid-rise loft-style multifamily property located in Boonton, New Jersey. The financing was originated by Eliav Dan, a Senior Managing Director at Greystone.
Packard Lofts Apartments is a 65-unit building originally constructed in the 1880s and utilized as a warehouse / distribution center by Packard Car Company in the 1950s. The property was then acquired in 2019 and converted to a loft-style residential building that includes community amenities such as a fitness area, storage, parking spaces and landscaping. The newly completed property has 12 units, or 18% of the total, reserved for affordable housing, as part of the New Jersey’s Fair Share program.
“We are proud to offer solutions such as attractive, non-recourse bridge-to-agency lease-up financing, enabling our client to ‘one stop shop’ the loan throughout the lease-up process, and ultimately get on the path to a stabilized Agency execution with minimal friction costs,” said Mr. Dan.
“We are thrilled to have worked together on this transaction, which will provide much-needed affordable housing to the Boonton market,” added Eric Baum, head of the multifamily sales desk at Greystone Monticello. “Our collaboration with Greystone ensures a seamless experience for property investors.”
About Greystone Monticello
The 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 Greystone
Greystone is a national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance and a top-ranked 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 Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
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