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MANCHESTER, NH-The buyer of the 240-unit Sunset Ridge apartment complex here has obtained a $14-million permanent loan from Greystone & Co., ending a hectic effort to fund the deal. The initiative required a $13.5-million senior bridge loan obtained on Dec. 31 that filled the gap until Friday’s closing of the permanent financing.

“It was a challenge, but we’re proud to say we did it,” Cornerstone Realty Consultants principal Paul Natalizio tells GlobeSt.com. Malden-based Cornerstone had just 27 days to secure the bridge loan once the affiliate of Red Oak Property Management retained the firm to back its purchase of the 20-acre complex near Downtown Manchester. “It was all hands on deck,” Natalizio recounts, scrambling to obtain reports, perform underwriting and complete the necessary legal work. The first round wrapped up on Dec. 31, after which Cornerstone set about arranging the permanent mortgage. Natalizio did not divulge terms of either loan, but says the asset was well-received by the lending community due to the experienced buyer and the quality of Sunset Ridge.

“It’s a very nice project,” he says of the complex of one- and two-bedroom townhouse units. The previous owner invested substantial capital, relays Natalizio, upgrading common areas and the exteriors while also fixing the landscaping and parking lots that accommodate 382 vehicles. Sunset Ridge features European-style kitchens, deck space and on-site storage. There is also a clubhouse with billiards, a fitness center, flat screen televisions, kitchen and swimming pool.

Red Oak Management president Ronald Dupont says he could not have pursued his quest for Sunset Ridge without the effort put forth by Cornerstone. “I contacted several other mortgage consultants and they were not able to inspire the confidence and comfort level offered by Cornerstone that this loan could meet my distinct need to fund by Dec. 31,” he says of the short-term bridge financing.

The permanent note that takes out the bridge loan is for 10 years. New York City-based Greystone offers a variety of real estate and commercial lending via Fannie Mae, FHA and tax exempt direct lending programs and services, plus provides asset management services for its multibillion-dollar portfolio of loans backing apartments, seniors housing, healthcare and commercial properties.

Cornerstone specializes in structuring and sourcing financing for all property types, and also provides 1031 exchange consulting and acquisition services. While concurring that the debt market is in upheaval, Natalizio says he is encouraged by the multifamily lending situation, a sector bolstered by the presence of Fannie Mae. “We’re pretty steady as far as business is concerned, but it is going to be a challenging year,” he says, partly because buyers and sellers are unable to decipher where pricing is headed.

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