Greystone Provides $11.6 Million HUD-Insured Financing for Affordable Senior Housing Property in Houston, Texas
Greystone Provided $20 Million in Total Financing This Year with Two Transactions for Same Sponsor
Greystone has provided $11,576,000 in HUD-insured financing on a 150-unit, age-restricted affordable housing community in Houston, Texas. The transaction was originated by Michael Zampetti and Kelley Klobetanz of Greystone on behalf of Chelsea Seniors I, LLC.
Constructed in 2011, Chelsea Senior Community in Harris County consists of five, mid-rise elevator buildings, with 45 one- and 105 two-bedroom units for low-income seniors (below 60% AMI) and extremely low-income seniors (below 30% AMI) over 55 years of age. The property has LITHC land use restriction agreements (LURAs) in place that require limits on tenant income and rent restrictions for all units.
The $11,576,000 HUD 223(f) loan carries a 35-year term and 40-year amortization along with a low, fixed rate. The property qualifies for a lower annual Mortgage Insurance Premium (MIP) of 0.25% because it is rent-restricted. In addition to refinancing, loan proceeds enable the borrower to continue with ongoing property maintenance and monetize a portion of their equity.
“Greystone is deeply committed to helping clients access the right financing so they can provide affordable, quality housing to people of all ages and incomes,” said Mr. Zampetti. “We are able to leverage our position as the top FHA commercial lender to provide solutions to our clients for these critical housing communities.”
“Providing quality affordable housing for seniors in Houston is a priority for us, and our Greystone team made it their priority as well,” said Mr. Cherno Njie, principal of the borrower. “Greystone’s affordable housing and HUD financing expertise and attention to detail were exceptional - we look forward to working with our team again on future transactions.”
In February 2022, Mr. Zampetti and Ms. Klobetanz of Greystone provided $8 million in HUD-insured financing for a 128-unit property, Little York Villas, for the same sponsor.