June 4, 2020
Greystone provided a $34,419,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance Catalina West, a 266-unit multifamily property in Lubbock. The transaction was originated by Steven Mumford in Greystone’s Atlanta office on behalf of Avalon Estates, with Peter Sharp of Eastpoint Funding and Kirk Slemmer of Promenade Lending as advisors to the borrower.
The DUS financing has a 12-year term and 30-year amortization, with five years of interest-only payments. The loan enables the borrower to consolidate three construction loans into permanent financing, continue with ongoing improvements, and monetize existing equity. Construction on the property began in 2017 and was completed in three phases through 2019.
Catalina West is a garden-style apartment community consisting of 30 residential buildings with one, two and three-bedroom open-concept units. Located a few miles from Texas Tech University, the property is minutes from the West End Shopping Center’s retail shops, restaurants and services.
For comments, questions or concerns, please contact Paul Bubny