Greystone provided a $49,680,000 HUD 223(f) loan to refinance a 360-unit multifamily property in San Antonio, Texas. Built in 2001, the property 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.