Dealmaker: Greystone Provides $50M for Mixed-use, Multifamily

Greystone, New York, provided $49.9 million in HUD-insured construction financing for assets in Texas and Michigan.

In Baytown, Texas, near Houston, the firm provided $32.2 million to finance the construction of new 265-unit property The Vic at Southwinds Apartment Homes. Greystone Vice President Jason Stein originated the FHA construction-to-perm loan for Hunington Properties, Houston.

The loan is a ground-up construction loan that converts to a 40-year fixed-rate, non-recourse, fully amortizing loan after the property stabilizes. Stein noted the property also qualified for a reduced Mortgage Insurance Premium due to its green certification.

The market-rate property at 1900 Kilgore Parkway will include eight three-story buildings with one-, two- and three-bedroom options. The property should open to residents in Summer 2020.

Greystone also provided a $17.7 million HUD’s 221(d)(4) construction-to-permanent loan for 409 on Nine, a 127-unit loft-style mixed-use property on Nine Mile Road in Ferndale, Mich. Vice President Lisa Fischman originated the financing for Wolf River Development Co., Keshena, Wis.

The loan converts to a 40-year fixed-rate fully amortizing loan after lease-up and stabilization.

In addition to the multifamily component, 409 on Nine will include 5,000 square feet of ground-floor retail space.