Chelsea Senior Community
Greystone provided $11,576,000 in HUD-insured financing on a 150-unit, age-restricted affordable housing community in Houston, Texas. The HUD 223(f) loan carries a 35-year term and 40-year amortization along with a low, fixed rate. The property qualifies for a lower annual Mortgage Insurance Premium (MIP) of 0.25% because it is rent-restricted.
Constructed in 2011, the property consists of five, mid-rise elevator buildings, with 45 one- and 105 two-bedroom units for low-income seniors (below 60% AMI) and extremely low-income seniors (below 30% AMI) over 55 years of age. The property has LIHTC land use restriction agreements (LURAs) in place that require limits on tenant income and rent restrictions for all units.