Greystone has provided a $36,595,000 Freddie Mac loan to refinance a 476-unit garden-style multifamily community located in Houston, Texas. The financing was originated by Gill Dolan, Managing Director at Greystone.
Originally developed in 1966, the property offers renovated apartments and townhomes with one-, two- and three-bedroom layouts. The $36,595,000 Freddie Mac loan carries a fixed 5-year term and features full-term interest-only payments. The financing replaces a floating-rate bank loan and enables continued property renovations. Since acquiring the property, the sponsor has undertaken extensive capital improvements, including HVAC, roofing, and electrical upgrades, in addition to interior unit renovations.
“This refinance allowed our client to secure long-term, fixed-rate financing while continuing to reinvest in a well-located asset,” said Mr. Dolan. “Freddie Mac’s flexible structure and Greystone’s deep understanding of the sponsor’s goals made this a seamless execution.”