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Lone Star Funds Secures $68.2M Refinancing For The Irby In Atlanta
FINANCED
$68,200,000
Georgia
See Similar DealsMultiFamily
Financed 08/22/2023
FINANCED
Lone Star Funds Secures $68.2M Refinancing For The Irby In Atlanta
65 Irby Avenue Northwest Atlanta, Georgia 30305, USA
See Similar DealsMultiFamily
Financed 08/22/2023
Summary
GEORGIA
Asset Type:MultiFamily
Transaction Type:Loan
The Irby, a 277-unit multifamily community located at 65 Irby Ave NW in Atlanta, GA, has secured a total of $68.2 million in refinancing. The loan was provided by Greystone Commercial Capital, with a bridge loan of $60.2 million and a mezzanine loan of $8 million. The property is owned by John P. Grayken, who is affiliated with Lone Star Funds.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $68,200,000
- Units: 277
- Lender: Greystone Commercial Capital
- Landlord: John P. Grayken - Lone Star Funds
Lone Star Funds successfully secured the refinancing for The Irby, with the assistance of Greystone Monticello. The transaction involved a bridge loan of $60.2 million, as well as a mezzanine loan of $8 million. This deal highlights the financial investment and support provided by Greystone Commercial Capital in the Atlanta market.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$68,200,000.00
Monthly NOI$454,666.67
Monthly Debt Service$431,070.39
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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