Dealmaker: Greystone Provides $37M Fannie Mae Loan in Texas

Greystone, New York, provided a $37 million Fannie Mae Delegated Underwriting and Servicing loan to Integrated Real Estate Group, Southlake, Texas, to refinance a Texas multifamily property.

The 339-unit Enclave at Westport in Roanoke, Texas secures the loan.

Greystone Managing Directors Cary Tremper and Scott Kavel originated the financing through Fannie Mae’s Near-Stabilization Execution program, which provides permanent financing to pay off construction loan and add permanent non-recourse financing prior to full stabilization. Enclave at Westport delivered last year.

Tremper said the 10-year non-recourse adjustable-rate loan included three years of interest-only payments and a 30-year amortization schedule.

Greystone also sold Rose Park Plaza Apartments, a Billings, Mont., affordable housing community. Managing Directors Aaron Hargrove, Eric Taylor and David Garcia represented both buyer Capital Realty and seller Rose Park Plaza Partners in the transaction.

Constructed in 1981 with Project-Based Section 8 and Low Income Housing Tax Credits, Rose Park Plaza Apartments reserves 65 percent of its 112 units for residents earning 50 percent of the average median area income and one-third of its units reserved for residents at 60 percent AMI.

“Affordable housing properties provide an advantageous investment opportunity, but they require an incredible amount of knowledge in tax credits and experience with the unique qualities of income-restricted property,” Hargrove said. He noted that Rose Park Apartments is fully occupied with a waiting list.