Greystone Provides $24 Million in HUD-Insured Financing for a Multifamily Property in Azle, Texas
Greystone has provided a $24 million HUD-insured loan to refinance a 224-unit multifamily property in Azle, Texas. The transaction was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Partin Development Group.
The $24,126,900 HUD-insured Section 223(a)(7) financing carries a 40-year term and amortization, along with a low, fixed rate. The property complies with HUD’s Energy Star requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium (MIP) reduction.
Constructed in 2018, Reata West Apartments features 10 three-story garden-style apartment buildings and 224 one-, two- and three-bedroom units with modern amenities and finishes, full-size in-unit laundry, and private outdoor living space. Residents also enjoy access to the community’s clubhouse and business center; pool, fitness center and outdoor recreational facilities; and dog park, on-site parking and garages. Located in Tarrant and Parker Counties, the property is close to Azle’s schools, shopping and the area’s recreational and parks offerings, including Eagle Mountain Lake and the Fort Worth Nature Center and Refuge.
“My team is known for being a standout when it comes to HUD lending, not only because we know the market and the lending process but also because we consistently surpass our clients’ expectations,” said Mr. Rosenstock. “Clients trust Greystone to deliver the right financing in every market cycle – the combination of our deep HUD platform and our seamless execution results in a service experience that keeps them coming back.”
“With so much uncertainty in the market today, we knew the experts at Greystone were the only team for the job -- they have a level of professionalism and product knowledge that is well-known in this industry,” said Mr. Jeff Partin, principal, Partin Development Group. “This refinancing enables us to continue to manage this property to our high standards and enhance the quality of life for the residents who make Reata West Apartments their home.”