Mississippi Apartment Complex Lands $31.49M Loan for Major Upgrades
A large apartment complex in Ridgeland, Mississippi, has secured a multi-million-dollar loan for refinancing and upgrades. Greystone, a real estate lending firm, arranged a $31.49 million bridge loan for the 292-unit Van Mark Apartments. The deal aims to help the property's realtors refinance their current debt and fund improvements across the site.
Built in 1985, Van Mark Apartments covers 52 garden-style buildings with a mix of one-, two-, and three-bedroom homes. Residents have access to a clubhouse, fitness center, swimming pool, and sports courts, along with a playground and on-site laundry.
The bridge loan from Greystone comes with a 24-month term. Borrowers also have the option to extend it twice, each time for six months. These terms provide flexibility for refinancing and completing planned upgrades.
Stella Plotkin and Avi Lifshitz, both from Greystone, led the financing process. The loan will support necessary capital improvements while easing the transition from the property's existing debt structure.
The $31.49 million loan ensures Van Mark Apartments can move forward with renovations and financial restructuring. With extended repayment options, the realtors now have time to stabilise the property's funding. The deal reflects ongoing investment in Ridgeland's rental housing market.
