Lending - Fannie Mae - $15M
Greystone provided $14,985,000 in Fannie Mae DUS financing for the acquisition of three multifamily properties in Corpus Christi, TX. The financing was originated by Gill Dolan of Greystone’s Houston’s office and DJ Elefant of Greystone’s New York City office, on behalf of the Boterra Group. Dan Gillard and his team out of Greystone’s Philadelphia office provided support in closing the transaction.
The Fannie Mae financing features green capex improvements that are estimated to reduce utility usage by nearly 30 percent. The 10-year financing includes a one-year Interest only period and a 4.92% interest rate.
Collectively, the three garden-style communities are comprised of 295 market-rate one-, two- and three-bedroom rental units, and the properties feature swimming pools, on-site laundry and parking. All three communities are conveniently located in the heart of Corpus Christi.
“It’s a testament to our team’s deep understanding of the capital markets that we were able to help our client lock in financing at a low rate in today’s volatile Treasury environment,” said Mr. Dolan, who joined Greystone’s Houston office earlier this year. “That knowledge, combined with a commitment to client service, is what enables us to deliver beyond our clients’ expectations.”
“As expected, Greystone was an exceptional partner from start to finish, and the entire process was incredibly efficient,” said Eric Lane, founder of The Boterra Group, a multifamily development group focused on Texas and the southeastern part of the U.S. “We thank Greystone for their valued guidance as we grow our multifamily portfolio.”