Greystone has provided $19 million in loans to refinance three multifamily properties comprising 452 units across East Texas.
The transactions were originated on behalf of Amesbury Companies, a longtime Greystone client.
The first 35-year, $5,677,700 permanent FHA-insured loan features a fixed, low interest rate for the 124-unit Glen Hollow Apartments in Kilgore, TX.
The second 35-year, fixed rate $5,200,000 FHA-insured loan was for Stone Creek Apartments, a 120-unit market rate community in Nacogdoches.
The third loan was a $8,080,000 Fannie Mae loan with a 10-year term and 30-year amortization. Also located in Nacogdoches, Sunridge Apartments is a 208-unit multifamily community.
Greystone originally provided bridge loans to the borrower to purchase each of the properties in 2015.
The permanent loans enable the borrower to refinance out of the bridge loans and fund capital improvements.
Nikhil Kanodia, head of FHA lending at Greystone, said, “Multifamily portfolio transactions require flexibility, and we will always go the extra mile to ensure that our clients get the best terms possible.”