Greysolon Plaza

Property

Greysolon Plaza is a 150-unit senior’s affordable property located in Duluth, Minnesota.

Financing

$14,895,000 fixed rate bridge financing used to acquire the Property and fixed rate financing commitment for the “4% LIHTC” tax exempt bond takeout. 

Description

Red Stone provided $14,895,000 of fixed rate bridge financing used to acquire Greysolon Plaza.  Red Stone also provided pre-committed fixed rate tax-exempt financing for the “4% LIHTC” tax-exempt bond preservation execution within the 18 months following the acquisition.   The property is located in downtown Duluth, Minnesota.  Red Stone was able to close this bridge financing in 25 days from execution of a term sheet.