Greystone provided $28,059,000 in total Freddie Mac Optigo® financing for the permanent financing of Bluebonnet Ridge Apartments with Freddie Mac’s tax-exempt loan (TEL) product, including a 30-month forward commitment in addition to a taxable tail. The construction of the $51 million development project is being funded by tax-exempt bonds from North Central Texas Housing Financing Corporation and construction financing and 4% tax credit equity provided by a national bank.
The property, located in Ennis, Texas, will be a 264-unit garden-style affordable housing property with nine buildings and a clubhouse. Community amenities will include a swimming pool, playgrounds, dog park and green space. The property is expected to be completed in 2023.