Greystone Provides $68M Construction Loan on Florida Apartments
By Andrew Coen June 7, 2024 11:25 am
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Murbeck Investments has landed $67.5 million of construction financing to build a 315-unit multifamily development in Gainesville, Fla., near the University of Florida campus, Commercial Observer has learned.
Greystone supplied the two-year, nonrecourse loan on the planned Natura by Murbeck project and will eventually transition to a permanent loan at a fixed interest rate of 5.98 percent, according to Meridian Capital Group, which arranged the transaction. Meridian’s Peter Martz and Noam Kaminetzky negotiated the deal out of the brokerage’s Boca Raton office.
“The negotiated terms underscore the strength and experience of the sponsor, the project’s potential, and its contribution to the Gainesville community,” Martz said in a statement.
Donny Rosenberg led the origination of the deal for Greystone.
Located at 6224 SW 20th Street two miles from the University of Florida, Natura by Murbeck will feature one-, two- and three-bedroom apartments with rents between $1,780 and $2,800, according to Meridian. Community amenities will include a pool, pickleball courts, a fitness center and parking garages.
Luis Becker, CEO of Murbeck Investments, said in a statement he is “thrilled” to “enrich the Gainesville community” with an “exceptional project.”
Miami Beach-based Murbeck owns and operates more than 1,000 multifamily units throughout Florida. The Natura by Murbeck is slated to open in June 2026.
Representatives at Greystone did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
