NEW YORK, Nov. 15, 2022 (GLOBE NEWSWIRE) — Greystone, a number one nationwide business actual property finance firm, has offered a $43,238,800 HUD Section 223(f) mortgage to refinance a 272-unit inexpensive housing group in Lewisville, Texas. The transaction was originated by Shana Daby, Managing Director at Greystone, on behalf of AMCAL Equities, LLC, a longtime consumer.
Constructed in 1985, Oak Tree Village Apartments in Denton County consists of 24 garden-style buildings that includes one-, two- and three-bedroom items. The sponsor acquired the property utilizing a Greystone bridge mortgage. The asset was an present mixed-income LIHTC/market undertaking exterior of its preliminary 15-year LIHTC compliance interval. The undertaking underwent a conversion to the Public Facility Corporation, which concerned a partnership with the Plano Housing Authority and a floor lease and regulatory settlement. In the regulatory settlement, the prevailing LIHTC restrictions have been prolonged to the period obligatory for the undertaking to qualify for a decrease annual MIP of 0.35%. In change for further affordability tied to the PFC construction, the property will profit from a 100% property tax exemption.
The $43,238,800 HUD-insured 223(f) mortgage carries a 35-year time period and amortization together with a low, fastened price. In addition to extending affordability, the undertaking will profit from a average rehab of roughly $15,000 per unit.
“Our bridge-to-HUD program enables clients to realize their vision for their properties while pursuing permanent financing,” mentioned Ms. Daby. “We are passionate about helping to provide quality, affordable housing options and work tirelessly to secure the right financing for AMCAL and others that are bringing market-rate and affordable housing to communities like the Dallas-Fort Worth area.”
“Shana and our Greystone team always deliver and execute on solutions that make sense for our projects, at every stage of their lifecycle,” mentioned Stephen Clarke, Vice President, Market Rate and Student Housing for AMCAL Equities, LLC. “We rely on Greystone for their industry knowledge, outstanding service and attention to detail – truly, they are a trusted partner for our business.”
About Greystone
Greystone is a non-public nationwide business actual property finance firm with a longtime status as a frontrunner in multifamily and healthcare finance, having ranked as a high FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are provided by means of Greystone Servicing Company LLC, Greystone Funding Company LLC and/or different Greystone associates. For extra info, go to www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
[email protected]
