Greystone announced it has provided $23.7 million in HUD-insured financing for Hunter’s Cove Apartment Homes in Waxahachie, Texas. Ana Ramos, managing director in Greystone’s Los Angeles office, originated the transaction.
The $23,700,000 in permanent FHA financing for Hunter’s Cove carries a low, fixed interest rate and 30-year term and amortization period. The new HUD 223(f) financing is a permanent exit from the bridge loan that Greystone had arranged in April of this year, which contributed to a 150% increase in Greystone’s YTD bridge loan volume over last year. Today, Greystone ranks as the #1 HUD lender for multifamily and healthcare loans.
Located just outside of Dallas, TX, Hunter’s Cove Apartments features eight, three-story garden-style buildings with a combined 192 residences. The homes range from one- to three-bedroom units, all with lake views. In addition, residents have access to a clubhouse, fitness, center, dog park, enclosed garages and a resort-style swimming pool.
“Greystone’s bridge-to-HUD process is truly best-in-class, supported by a phenomenal team that seamlessly shepherds a borrower through two loan applications while enabling them to complete a smooth acquisition,” said Ms. Ramos. “The HUD-insured loan product, with its low rate and long term, is truly one of the best permanent financing solutions available today, especially in such a volatile rate environment.”