Dealmaker: Greystone Provides $48M for Two Multifamily Assets

Greystone, New York, provided $48.2 million in HUD-insured loans to refinance multifamily properties in Virginia and Arizona.

Tapestry Park Apartments

In Chesapeake, Va., Greystone Managing Director Eric Rosenstock and Vice President Jesse Yodice originated a $24.1 million Section 223(a)(7) loan that allowed Baron Realty Advisors, Tenafly, N.J., to refinance Tapestry Park Apartments.

Constructed in 2011, Tapestry Park Apartments has 10 three-story garden-style apartment buildings comprising 190 one-, two- and three-bedroom units.

Rosenstock also originated $24.1 million Section 223(a)(7) financing for Partin Development Group, Houston. PDC refinanced 224-unit property Reata West Apartments in Azle, Texas. The loan came with a 40-year term and amortization.

Reata West Apartments delivered in 2018 with 224 one-, two- and three-bedroom units close to the area’s recreational and parks offerings, including Eagle Mountain Lake and the Fort Worth Nature Center and Refuge.