Greystone Provides $19 Million to Refinance Multifamily Portfolio in East Texas
January 28, 2019
Greystone Provides Acquisition Bridge Loan Exits to HUD and Fannie Mae
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a total of approximately $19,000,000 in loans to refinance three multifamily properties comprising 452 units across East Texas. The transactions were originated on behalf of Amesbury Companies, a longtime Greystone client.
The first 35-year, $5,677,700 permanent FHA-insured loan features a fixed, low interest rate for Glen Hollow Apartments in Kilgore, TX. The multifamily community offers 124 one- and two-bedroom market-rate rental units as well as a community room and swimming pool.
The second 35-year, fixed rate $5,200,000 FHA-insured loan was for Stone Creek Apartments, a 120-unit multifamily community offering market-rate one-, two- and three-bedroom apartments in Nacogdoches, TX. The property features a fitness center and swimming pool, community room and dog park for residents.
The third loan was an $8,080,000 Fannie Mae loan with a 10-year term and a low, fixed 30-year amortization. Also located in Nacogdoches, TX, Sunridge Apartments is a 208-unit multifamily community offering studio, one-, two- and three-bedroom market-rate apartments, as well as an onsite pool, fitness center and community center.
Greystone originally provided bridge loans to the borrower to purchase each of the properties in 2015. The permanent loans enable the borrower to refinance out of the bridge loans and to continue making capital improvements to each property.
“We’re thrilled that we can offer clients a diverse range of options for purchase and refinance with our bridge to permanent financing platforms,” said Nikhil Kanodia, head of FHA lending at Greystone. “Multifamily portfolio transactions require flexibility, and we will always go the extra mile to ensure that our clients get the best terms possible, no matter how complex the deal.”
“Greystone guided us through the acquisition finance and permanent loan process flawlessly. Their insight and execution enabled us to find the right product for each asset,” said Robert Peek, Chief Executive Officer of Amesbury Companies. “Based on my many years in the commercial real estate industry, I can attest that their insights and persistence are simply unmatched.”