Greystone has provided three Fannie Mae DUS loans totaling $36.8 million to refinance an 811-unit multifamily property portfolio in Texas.
Joe Mosley, head of Agency lending at Greystone, told Real Estate Capital that the properties fit well with Fannie Mae’s strategy to finance more multifamily that cater to workforce housing.
He noted that San Antonio and Austin, where the three properties are located, are “strong markets with growing populations and jobs, and both are markets that Greystone is actively focused on today.”
“The Austin apartment market has performed very well in recent years, and demand has kept pace with increasing supply, while the San Antonio area continues to enjoy a stable economy anchored by the military and supported by a variety of industries,” he said.
The three properties are:
Park at Crestview, located in Austin, TX and comprised of 248 units, was refinanced for $16,725,000 with three years of interest-only; Park at Ventana, located in San Antonio, TX and comprised of 319 units, was refinanced for $11,570,000 with five years of interest-only and; Villas at Ventana, located in San Antonio, TX and comprised of 244 units, was refinanced for $8,515,000 with five years of interest-only.
The loans carry 10-year terms with 30-year amortizations, each with a period of interest-only payments. Greystone’s Tony Spaeth originated the loans.