DEAL OF THE DAY: Greystone Lends a Helping Hand in Pennsylvania
Greystone has facilitated Liss Property Group’s acquisition of a 310-unit apartment community in Eagleville, Pa.
By Adriana Pop, Associate Editor
Eagleville, Pa.—Greystone provided a $46 million bridge loan to Pennsylvania-based Liss Property Group for the acquisition of Riverview Landing at Valley Forge, a 310-unit multifamily property located in Eagleville, Pa. Nathan Schuss of Greystone originated the loan on behalf of Liss Property Group.
The lender also introduced Liss Property to joint venture equity partner Azure Investments, to help finance the purchase. The partnership bought the community for $55 million from Texas-based Milestone Apartments REIT, the Commercial Observer reported.
Located along the Schuykill River, Riverview Landing at Valley Forge is a luxury rental complex that was completed in 2006. The property offers a mix of one-, two- and three-bedroom apartments within six three- and four-story buildings, along with an array of amenities, including a resort-style swimming pool with hot tub and sundeck, clubhouse, fitness center and business center. Residents also have easy access to major employment centers such as King of Prussia and Center City, Philadelphia.
Founded in 1999, Liss Property Group is a family-owned company that owns and operates 1,600 units across 14 properties in the Philadelphia metropolitan statistical area.
“We’re excited to add this generational asset into our family’s portfolio. It has all the attributes of a winning asset providing first-rate housing with the opportunity to increase value over time by adding other luxury and amenities for the residents. We feel so grateful to have acquired this Class A asset with true Class A partners in Greystone and Azure Investments,” Billy Liss, founder & CEO of Liss Property Group, said.
Image courtesy of Greystone