Greystone bridges gap.

Greystone recently closed a bridge loan, which also provided a 13 month early rate lock on an anticipated Fannie Mae DUS[TM] take-out.

The bridge loan was required because the Borrower's 15-member tenants-in-common (TIC) structure did not qualify the loan under the DUS[TM] program.

The $8.2 million bridge loan represents the acquisition component of various 1031 exchanges whereby 15 TIC acquired the 232-unit complex located in Tampa, FL.

The borrower purchased the property from the current owner in July 2005 for $10.25 million, or $44,181 per unit. The borrower provided an equity contribution of approximately $2.75 million. The bridge financing served to fund the acquisition and allow the porrower to acquire the property under the necessary structure of 15 tenants in common. A structure that contains more than 5 tenants in common is not permitted under Fannie Mae's guidelines. After the 1031 period is over, 12 months from closing, the TIC structure will be rolled into one single-asset entity that will assume ownership of the Property. At that point, the proposed bridge loan will be converted to a Fannie Mac permanent mortgage.