Greystone Provides $45 Million Freddie Mac Loan for Affordable Housing in Texas
Greystone has provided a $45 million Freddie Mac Targeted Affordable Housing (TAH) loan to refinance a newly-constructed 306-unit multifamily property in Fort Worth, Texas. The financing was originated by Cary Tremper, Managing Director at Greystone, on behalf of Enclave Park, LP.
The $45,000,000 Freddie Mac loan carries a 10-year term, a low fixed interest rate, five years of interest-only payments, and a 30-year amortization period.
“Texas, and Fort Worth in particular, are all making great effort to increase affordable housing stock,” said Mr. Tremper. “While there are new challenges in closing transactions during a pandemic, it’s gratifying to get across the finish line for our clients. Freddie Mac offers an excellent long-term construction exit option that also helps meet their affordability goals, so it’s a win-win for residents, the owner, and Freddie Mac.”