Greystone Provides $50M for Multifamily
Greystone, New York, provided $50 million secured by apartment assets in Arizona and Texas.
In Oro Valley, Ariz., near Tucson, Greystone provided a $23 million Fannie Mae Delegated Underwriting and Servicing loan to refinance 240-unit multifamily property La Reserve Villas.
Daniel Wolins, Managing Director in Greystone’s New York office, originated the transaction for borrower HSL Properties, Tucson. The 10-year fixed-rate loan included interest-only payments for the first five years.
Built in 1988, the recently renovated La Reserve Villas includes market-rate one- and two-bedroom residences.
Wolins also originated $27 million in bridge financing allowing Iliad Realty Group to acquire Villa Nueva Apartments in Houston. Estreich & Co. Managing Director Sal Torre brokered the transaction.
Villa Nueva Apartments community dates to 1980 and totals 542 one- and two-bedroom units in its 47 garden-style buildings.
The new two-year interest-only loan came with two six-month extension options so Iliad Realty Group can acquire and rehabilitate the property while Greystone secures a fixed-rate permanent loan. The borrower plans improvements include extensive exterior renovations to building facades, landscaping and recreational areas as well as interior structural improvements and fixture upgrades to each of the property’s units.
