Greystone Provides $37 Million Fannie Mae DUS® Near-Stabilization Loan for DFW Multifamily Property
March 6, 2017
Greystone announced it has provided a $37,000,000 Fannie Mae DUS® loan to refinance Enclave at Westport in Roanoke, Texas. The loan was originated by Cary Tremper and Scott Kavel of Greystone, for Integrated Real Estate Group, a Southlake, TX-based full-service real estate development, construction, engineering, and property management firm.
The Fannie Mae loan, part of its Near-Stabilization Execution, is a 10-year, non-recourse ARM with three years of interest-only and a 30-year amortization. Construction of the multifamily property was completed in 2016, and the Fannie Mae Near-Stabilization loan provides a permanent financing exit from the construction loan.
Enclave at Westport is a Class “A” multifamily community in the Dallas / Fort Worth Metroplex that is owned and operated by Integrated Real Estate Group. The pristine residential community provides a number of amenities including resort-style pool with tanning deck, clubhouse, fitness center, outdoor lounge with fire pit, grilling areas, and entertainment lounge with access to media and games.
“Fannie Mae’s Near-Stabilization Execution is an ideal permanent financing solution for developers that are having a successful lease-up period and are ready to exit their construction loan,” said Cary Tremper, Managing Director, Greystone, who originated the loan. “As our third Near-Stabilization transaction of this nature for the borrower, it has proven to be a core component in their development strategy.”
“We are thrilled with the execution of the permanent financing for Enclave at Westport, and value Greystone as a finance advisor while our portfolio continues to grow,” said Rick Simmons, Founder, Integrated Real Estate Group.