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With the help of Greystone's nimble bridge finance platform, the borrower was able to move forward with the acquisition in a tight time frame, and we can now focus on pursuing a permanent loan that will benefit the owner, and ultimately the residents, for many years to come," said Rosenberg.
The program will be managed through a newly formed subsidiary of CW Capital, CW Capital Bridge Finance LLC, which will coordinate the principal aspects of the venture from its new office in Greenwich, Connecticut.
The R550 million bridge finance facility will ensure that the project is completed within the targeted dates irrespective of the timing of financial close of the long term financing structure.
19 million shares will be newly-issued by the company, and 510,000 shares will be sold by a bridge finance group.
Proceeds will be used to bridge finance the construction of the Namaka area gas gathering, compression and dehydration facilities until June 1 1996.