CAPRE’s Commercial Real Estate Headlines for September 19, 2019

Check out the latest deals and developments in commercial real estate for September 19, 2019: Greystone Provides $27MM Bridge Loan to Support Real Estate Deal: Greystone announced it has provided $27,000,000 in bridge financing to Iliad Realty Group (IRG) for the acquisition of Villa Nueva Apartments, a multifamily property in Houston, TX. The transaction was originated by Daniel Wolins of Greystone’s New York office. Sal Torre with Estreich & Company brokered the transaction. Originally constructed in 1980, the garden-style Villa Nueva Apartments community features 542 one- and two-bedroom units across a gated 47-building campus that has full-time security on site. Residents have access to three outdoor pools, common laundry rooms and central mailbox centers. The property offers easy access to all of the Houston metro area’s major thoroughfares. The $27,000,000 interest-only bridge loan carries a two-year term with two six-month extension options so that the borrower can acquire and rehabilitate the property while Greystone works to secure a low, fixed-rate permanent loan. Planned improvements include extensive exterior renovations to building facades, landscaping and recreational areas, as well as interior structural improvements and fixture upgrades to each of the property’s units. Three Philadelphia MSA Multifamily Assets Sold by Marcus & Millichap for $26 Million: Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of three multifamily properties in the Delaware Valley for $25.9 million. The three properties…