Greystone has provided a $49,032,200 HUD-insured loan for the acquisition of a 312-unit multifamily property in Houston, TX. The transaction was originated by Shana Daby of Greystone on behalf of Olive Tree.
The non-recourse, fixed-rate, 35-year loan for The Life at Westpark secures the affordable housing property with long-term FHA financing. Life at Westpark comprises two-, three- and four-bedroom units, all of which are reserved for residents earning 60% of the area median income (AMI). With affordability due to expire by 2025, the new HUD-insured financing extends this affordability for 75 years after closing. The new owner, a partnership between Olive Tree and the Houston Housing Authority, plans to spend approximately $25,000 per unit to renovate the community, which was built in 1994. Current amenities include two swimming pools, playground, basketball court and recreation center. Improvements to the property include Fair Housing Act compliant retrofits, new flooring, countertops and cabinetry, energy-efficient plumbing fixtures and replacement of hot water heaters and HVAC condensers with energy efficient units.
“Olive Tree has made a significant, long-term commitment to acquiring, preserving and improving the physical condition and affordability of multifamily housing across the United States, with a special emphasis on the Houston market,” said Ian Bel, Managing Member and CEO of the borrowing entity. “With their knowledge in affordable housing and the Texas market, and a wealth of financing options available, Greystone has been a wonderful partner as we work to achieve our goals.”
“Ian and his team have shown their dedication and perseverance will have a very positive impact on Houston and its residents,” said Ms. Daby. “Preserving the affordability of this quality asset for decades to come will surely be a comfort to many. We were thrilled to work with Olive Tree on this exciting acquisition. Furthermore, HUD demonstrated its commitment to affordable housing by exhibiting impressive skill and speed to close the transaction by a critical deadline.”