August 13, 2020
Greystone provided a $49-million construction loan under the HUD 221(d)(4) program for the development of Katy Apartments, a new multifamily community in Katy. The transaction was originated by Shana Daby, managing director at Greystone on behalf of AMCAL Equities, LLC.
The FHA financing will fund 85% of total project costs. It’s structured as a non-recourse, fixed-rate construction loan that automatically converts to a 40-year, fully-amortizing permanent loan upon stabilization. With this green-certified and energy efficient project, the borrower also qualifies for reduced Mortgage Insurance Premium.
Upon completion, Katy Apartments will consist of 324 market-rate and income-restricted rental units spanning 12 garden-style buildings. Each unit will feature modern appliances, in-unit laundry facilities, and private outdoor living space.
“We are thrilled to team up with AMCAL again to secure the long-term financing for a project that will bring much needed market-rate and workforce housing to the Houston metro region,” said Daby.
For comments, questions or concerns, please contact Paul Bubny