Greystone has provided a $20.9 million Fannie Mae Multifamily Affordable Housing (MAH) loan for the acquisition of Parkside Place, a 321-unit, income and rent-restricted garden apartment complex located in Pasadena, Texas. The financing was originated by Michael Zampetti, Senior Managing Director in Greystone’s New York office.
Parkside Place consists of 27 two-story apartment buildings situated on an 11.24-acre site. Constructed in 1969, the property was renovated in 2018 and includes amenities such as a leasing office, two pools, on-site management, a laundry facility, a business center, and private patios. There are 526 total parking spaces, including reserved handicap spaces and carports.
"Parkside Place plays a vital role in offering quality, affordable housing within the Houston metropolitan area," said Mr. Zampetti. "We at Greystone take immense pride in our track record of supporting affordable housing throughout the country and are happy to have facilitated our client's acquisition of this asset. It was a pleasure to work with the borrower. We are rooting for their continued success."