Lone Star Funds has obtained a combined $68.2 million for the refinancing of The Irby, a 277-unit community in Atlanta. Greystone Monticello, the lending platform created by Greystone and MONTICELLOAM, provided a $60.2 million bridge loan and a $8 million mezzanine loan originated by Greystone Commercial Capital.
In August 2021, Lone Star Funds acquired the property from Alliance Residential Co., for $115.6 million, according to Yardi Matrix data. The transaction was subject to a $75.2 million loan from Capital One, with a maturity date set in March 2023.
The Irby came online in 2020. The 12-story building comprises studio, one- and two-bedroom floorplans ranging from 520 to 1,434 square feet, as well as 15,000 square feet of retail. Common-area amenities include a pool, courtyard with fire pit and grilling station, yoga studio, sauna, game room and pet spa, among others.
Located at 65 Irby Ave. NW, the property is within the Buckhead area, the uptown commercial and residential district of Atlanta, with numerous dining, shopping and entertainment options less than 1 mile away. Downtown Atlanta is some 9 miles south.
In July, Greystone Monticello provided financing for the $150 million acquisition of eight supportive living facilities in Illinois. The properties, which were purchased by Grand Lifestyles, total 921 beds.
