Greystone Provides $38.8 Million in HUD Financing for Multifamily Development in San Antonio
February 19, 2014
Greystone has provided a $38.8 million HUD loan to refinance Renaissance at Canyon Springs in San Antonio, TX. Reuben Dolny, originator in Greystone’s New York office, worked to close the loan.
The FHA financing was structured as a non-recourse 35-year fully amortizing HUD 223(f) loan on behalf of The Bascom Group, LLC. Renaissance at Canyon Springs is a sprawling 360-unit Class A townhome community situated along the Canyon Springs golf course. The complex features amenities such as private patios, garage parking, a clubhouse with media center, swimming pools, fitness center, playground, basketball and tennis courts, ample outdoor trails and putting green.
“Greystone’s expertise in navigating the HUD financing process was beneficial and completely reassuring, and we are happy to have taken advantage of a favorable rate environment,” said Jerome Fink, Managing Partner at Bascom.
“We couldn’t be more pleased that our first HUD closing of 2014 was with Bascom. We are delighted to have arranged such attractive financing which will benefit the development for many years to come,” said Betsy Vartanian, head of FHA lending at Greystone. “Our ability to work successfully with HUD is again demonstrated. We pride ourselves on being extremely well versed in HUD financing and consistently underwrite quality submissions that are in strict adherence to guidelines,” she added.
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone was ranked #1 in combined multifamily and healthcare FHA lending, ranked #1 in Small Loans and #3 in Affordable Housing as a Fannie Mae DUS lender in 2013, and is a top-5 Freddie Mac lender for seniors housing.