Jackson Valley Apartments
$22.9MM Loan Request

420-Units in Jackson, MS

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Requested Loan Terms

Loan Amount $22,870,000
Recourse Type Non-Recourse1
Loan Purpose Renovation Financing 
Loan-Term 3+1+1
Loan-to-Cost 80%
Stabilized DY (Year 3) 10.2%

1 With standard bad-boy carve outs & environmental indemnities

Executive Summary

Greystone & Cos., Inc. (“Greystone”) is seeking loan proposals to finance the rehabilitation and lease-up of a 420-unit multifamily property located in Jackson, Mississippi. The Property is divided into four parcels that contain 26 buildings. The Property is closely located to Jackson State University, Belhaven University, and Ashburry University, making the Property an attractive housing option for students in the area It is also near the Metrocenter Mall, a Walmart Supercenter, and several popular retail corridors.  


 The Sponsor purchased the Property in 2018 and has since completed the renovation and lease-up of 144 units. In November 2021, a fire destroyed 24 of these units and they currently require further renovations. The Sponsor also plans to renovate the remaining 276 units which were uninhabitable at the time of purchase. They will complete these renovations parcel by parcel, subsequently leasing these units at rents currently being achieved at the Property. The existing lender has not financed any unit renovations since the start of the COVID-19 pandemic.


The Sponsor’s current cost basis is $11.3MM and they have funded approximately $3.4MM (30%) of these cost to date. They will fund an additional $2.3MM in cash equity to close this refinance, increasing their total cash in the deal to $5.7MM (20% of cost). The Property is projected to stabilize in year 3 of the loan term at which point it will generate a 10.2% NOI debt yield.



Sources Total $ Uses Total $
Debt $22.9MM Repay Existing Debt - Buildings 1 & 2 $6.9MM
Existing Sponsor Equity $3.4MM Repay Existing Debt - Buildings 3 & 4 $1.1MM
Additional Sponsor Equity $2.3MM Renovation Cost - Building 2 & 24 Units in Building 1 $5.0MM
    Renovation Cost - Buildings 3 & 4 $9.5MM
    Renovation Contingency $0.7MM 
    Interest Reserve  $1.0MM
    Closing Cost  $1.1MM
    Equity Funded to Date $3.4MM
Total $28.6MM   $28.6MM

Key Property Details

Property Name Jackson Valley Apartments
Property Address 1595 W Highland Dr, Jackson, MS 3920
Property Website Click Here
Total Units 420
Avg In-Place Rent $755
Avg Unit Size 839
Year(s) Built 1974 / 2016 / 2018 - Present
Number of Buildings 26
Acreage 32.6 acres
County Hinds
Assessors Parcel Number(s) 15-23-29-0146-00-040, 15-23- 29-0146-00-060, 15-23-29-0146-00-110
Parking Spaces 910
# of Currently Renovated Units 120
% of Portfolio 29%
Avg. In-Place Rent for Renovated Units $755
# of Currently Unrenovated Units 300
% of Portfolio 71%
Avg. Projected Market Rent  $818
Estimated Renovation Cost ($ / Unit) $48,233

For More Information Please Contact:

Thomas Wayda

Managing Director

o:  917.421.4534

m: 415.531.9201 

©2022 Greystone & Co. II LLC. All rights reserved. References to the term “Greystone,” refer to Greystone & Co. II LLC and/or its affiliated companies, as applicable. All loans are originated through its affiliates Greystone Servicing Company LLC (GSC) and Greystone Funding Company LLC (GFC).

Although the information contained herein has been obtained from sources deemed reliable, Greystone makes no express or implied guaranty, warranty, or representation that the information is complete or accurate. Further, any projections, opinions, assumptions, or estimates used or offered herein are for the purpose of example only and do not and cannot be deemed to represent the present or future performance of the subject property. Accordingly, Greystone recommends that you conduct your own investigation of the property in order to reach your own conclusions or opinions as to value of the property. Physical condition of the property, including without limitation the potential presence of mold, asbestos, lead based paint, and hazardous materials may affect the property, its value, and may, if present, pose health risks. The property should be independently examined by experts selected by you. Any recipient of these materials from Greystone should not and may not rely on these materials for any purpose beyond general introductory information concerning the property.

Submission of HUD application subject to (i) execution and delivery of Greystone then current form of HUD engagement letter and (ii) underwriting and qualification of the borrower and project, and timely submission of all information necessary from borrower to underwrite and process the HUD insured loan and prepare the HUD application.

152 W 57th St, Floor 60, New York, NY 10019.

Capital Stack

  • Sponsor Equity

    $6.1 M · 21.03%

  • Bridge Loan

    $22.9 M · 78.97%