January 29, 2019
Greystone provided roughly $19 million in loans to refinance three multifamily properties comprising 452 units across East Texas. The transactions were originated on behalf of Amesbury Companies.
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 the 120-unit Stone Creek Apartments in Nacogdoches, TX.
The third loan was a $8,080,000 Fannie Mae loan with a 10-year term and a low, fixed 30-year amortization for the 208-unit Sunridge Apartments, also in Nacogdoches.
Greystone’s Nikhil Kanodia notes, they 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 to continue making capital improvements to each property.
For comments, questions or concerns, please contact Dennis Kaiser