Greystone Provides $49.7 Million in HUD-Insured Financing for Multifamily Property in TX
Greystone has provided a $49,680,000 HUD 223(f) loan to refinance a 360-unit multifamily property in San Antonio, Texas. The financing was originated by Reuben Dolny, Director at Greystone, on behalf of The Bascom Group, a repeat client of the firm.
Built in 2001, The Anthony at Canyon Springs in Bexar County consists of 37 garden-style buildings with one-, two-, three- and four-bedroom units. Amenities include a beautiful clubhouse, resort style pool, tennis court, exercise room, sauna, movie theater, and putting green. The $49.7 million HUD-insured loan carries a 35-year term, 35-year amortization and a low, fixed rate. The property also qualifies for a 35-basis point reduction in Mortgage Insurance Premium (MIP) for achieving green standards. The class A property will go through an interior and exterior renovation plan, and the tenants will not only benefit from the renovations, but will also see a reduction in utility consumption.
“We are thrilled to work on another HUD loan for The Bascom Group and are delighted to get them the proceeds and terms they needed in order to set the property up for continued long-term success,” said Mr. Dolny. “We strive to earn our client’s trust in each new transaction by coupling our deep lending platform and multifamily capabilities with exceptional service and care.”
“It’s no secret that we value Greystone’s guidance and expertise in multifamily financing – it’s why we first turned to Reuben and his team to finance this property in 2014 and now we are able to reinvest in the property,” said Mr. Jerry Fink, Managing Partner at The Bascom Group. “On every transaction, our Greystone team is responsive, tenacious and committed to a level of service and execution that surpasses anyone else. We view Greystone as a true partner and look forward to working with our team again.”
“It was a pleasure working with Reuben and his extensive support team to close this phenomenal new loan on desirable terms. Greystone’s expertise is invaluable, and this new loan allows us to position the asset as best-in-class for many years to come,” added Mr. Tony Ferrell, Senior Principal of Operations for The Bascom Group.