September 19, 2019
Iliad Realty Group secured $27 million in bridge financing to acquire the 542-unit Villa Nueva Apartments, a Class B multifamily complex in Houston, from a San Antonio buyer. The two-year loan was originated by Daniel Wolins with Greystone, while Sal Torre with Estreich & Company brokered the transaction.
The loan also carries two six-month extension options so that the borrower can acquire and rehabilitate the property, while Greystone works to secure a low, fixed-rate permanent loan. Planned improvements to the property at 5300 W. Gulf Bank Rd. 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.
Villa Nueva opened in 1980 and offers one- and two-bedroom units. Amenities include three outdoor pools, common laundry rooms and central mailboxes.
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