**CLOSING ANNOUNCEMENT: Greystone, as exclusive debt placement advisor to Latitude Management Real Estate Holdings, LLC is pleased to announce the closing of 55 Pharr Road, an $11,300,000 non-recourse, 5-year term, full term interest only, senior mortgage secured by the fee-simple interest in a fractured condominium property located in the Buckhead submarket of Atlanta.
After running an extensive capital markets process, we identified an institutional (non-agency), non-recourse lender that was able to structure proceeds at a 1.25x IO DSCR, 70% max LTV, which translated into a 8% debt yield on underwritten Net Cash Flow.
This deal serves as a great case study for Sponsors seeking to achieve incremental proceeds above and beyond traditional agency levels, while obviating the need for subordinate debt or an additional equity infusion.
Direct Sponsors with multifamily deals that are not penciling out with traditional Agency quotes, please feel free to reach out to discuss your options further.
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Pharmacist at Northwell Health
2moAnother great job. Congratulations!