Lone Star Funds Secures $68.2M Refinancing For The Irby In Atlanta
65 Irby Avenue Northwest Atlanta, Georgia 30305, USA
$68,200,000
Building Size
—
Asset Type
MultiFamily
Closing
Aug 22, 2023
AI
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.
Players
Atlanta MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93