Updated Oct 2, 2026
FINANCEDDevelopment Site
Greystone Housing Impact Investors Funds $11.9M Loan For 40rty On Colony Development
7385 Colony Drive
$11,900,000
Units
40
Asset Type
Development Site
Closing
Sep 29, 2023
About this deal
AI
The asset involved in this transaction is a development site located at 7385 Colony Drive in La Mesa. The project will consist of 40 mixed-income units, with 20% allocated for lower-income households. The financing provided amounts to $11,900,000, designated as a construction loan with terms extending over 36 months, featuring interest-only payments.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $11,900,000
- Lender: Greystone Housing Impact Investors LP (GHI) - Frank Bravo
- Landlord: GWMP Investments, LLC - Greg Wayer
- Brokers: Eliav Dan & Shana Daby - Greystone
- Loan Type: Construction Loan
- Loan Terms: 36 months, interest-only
Key individuals in this transaction include Frank Bravo from Greystone Housing Impact Investors LP, representing the lender, and Greg Wayer from GWMP Investments, LLC, acting as the landlord. Additionally, brokers Eliav Dan and Shana Daby from Greystone facilitated the deal, contributing their expertise in the finance and real estate market.
On the Map
$11,900,000
Development Site
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Players
La Mesa Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.33%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93