Greystone announced it has provided a $34,419,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 266-unit multifamily property in Lubbock, Texas. The transaction was originated by Steven Mumford in Greystone’s Atlanta office on behalf of Avalon Estates, with Peter Sharp of Eastpoint Funding and Kirk Slemmer of Promenade Lending as advisors to the borrower.
The $34.4 million Fannie Mae financing has a 12-year term and 30-year amortization, with five years of interest-only payments. The loan enables the borrower to consolidate three construction loans into permanent financing, continue with ongoing improvements, and monetize their existing equity. Construction on the property began in 2017 and was completed in three phases through 2019.
Catalina West is a garden-style apartment community consisting of 30 residential buildings with one-, two- and three-bedroom open-concept units offering modern amenities and finishes, in-unit laundry hookups, and private garages. Residents also enjoy access to a community clubhouse and 24-hour Peloton® fitness center, pool, grilling stations, outdoor lounge and dog park. Located just a few miles from Texas Tech University, the property is minutes from the West End Shopping Center’s retail shops, restaurants and services.
“We are delighted that we can help our client access the right financing through our extensive platform and bring this property’s construction phase to a successful close,” said Mr. Mumford. “Our team’s trademark commitment to service and industry-leading execution resulted in a seamless and quick transaction for our client, even as the Covid-19 pandemic added a new layer of deal complexity.”
“I cannot express how grateful we are to the Greystone experts who saw this deal through to the finish line,” said Mr. Olov Nasiell, principal at Avalon Estates. “The passion, creativity and commitment of Greystone’s professionals is unparalleled – it’s what drew us to the company years ago. And though this transaction is completed, we look forward to working with our Greystone team again in the future.”