Greystone Provides $29.6 Million in Freddie Mac Financing for Multifamily Property Acquisition in Texas
Greystone has provided a $29.6 million Freddie Mac Optigo® acquisition loan for a 247-unit multifamily property in Grand Prairie, TX. The financing was originated by Dan Gillard, Managing Director in Greystone’s Philadelphia office, on behalf of 180 Multifamily Properties’ Principals, John Barker and Lance Woodward.
The 70% LTV non-recourse $29,596,000 Freddie Mac loan carries a 10-year term, a floating interest rate with the first 5 years of interest-only payments, and a 30-year amortization period. Built in 2017, The Watson is a luxury apartment community with a range of deluxe amenities including 24/7 fitness complex; pool; fire pits; grill stations; wi-fi café; playground; pet-friendly parks; and four-story parking garage. The property’s location provides easy access to Dallas and Fort Worth, and a host of restaurants, shopping, and recreation options.
“I’m thrilled we were able to deliver such a strong execution for this valued, repeat client during a time of severe interest rate volatility and continued headwinds related to Covid-19,” said Mr. Gillard. “Greystone’s deep multifamily expertise and certainty of execution makes us an excellent choice for quality sponsors who are interested in exploring Agency permanent financing options. Congratulations to John, Lance and the entire 180 Multifamily team on a terrific addition to their portfolio.”
“Greystone’s performance went above and beyond what was expected, and given that we are faced with a host of new challenges in multifamily ownership and management coming out of the pandemic, their guidance never wavered and they delivered for us yet again,” said Mr. Barker.