Greystone, a leading national commercial real estate finance company, has provided an $11,044,000 Fannie Mae Delegated Servicing and Underwriting (DUS®) loan to refinance Broadway Park Apartments, a 224-unit multifamily property in Houston, Texas. The financing was originated by DJ Elefant, Vice President in Greystone’s New York office, on behalf of Broadway Park-SI, LLC. Bolder Capital served as the debt broker in the transaction. Dan Gillard and the team in Greystone’s Philadelphia office supported Mr. Elefant in closing the transaction.
The $11 million fixed-rate, non-recourse loan includes a 10-year term and 4 years of interest-only. The community is comprised of 108 one-bedroom units, 112 two-bedroom units, and four three-bedroom units spanning approximately 166,792 square feet. Originally acquired in 2019, the current owners have invested over $2.5 million in capital improvements to both the interiors and exterior of the property, significantly upgrading the 1960’s vintage property.
“Once again, the borrower did an incredible job upgrading the property and executing on their gameplan,” said Mr. Elefant. “We were able to get Fannie Mae to really lean in on this one and provide great terms considering the interest rate environment we have been in the past few months. We are thrilled with the outcome for our client and look forward to working together again.”
“As a repeat Greystone client and Fannie Mae borrower, we know what to expect, but today’s market can throw any property investor for a loop,” said James Shahda, principal of the borrower. “We are thankful to have our Greystone team ready to navigate the changing waters and work on our behalf for the best outcome.”
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided an $8,961,000 Fannie Mae loan to refinance a 113-unit property in Georgetown, TX. The transaction was originated by DJ Elefant in Greystone’s New York office on behalf of The Rail at Georgetown LLC with Jason Bartlein of Bolder Capital acting as correspondent. Dan Gillard and the team in Greystone’s Philadelphia office supported Mr. Elefant in closing the transaction.
The Fannie Mae loan carries a 10-year term with 3 years of Interest-only payments. The property, The Rail at Georgetown, is estimated to see a reduction in utility usage by 30 percent through the Green Rewards program.
The market rate community is comprised of one- and two-bedroom rental units and features on-site laundry, a playground, a pet play area, and parking. Originally acquired in 2017, the current owners have invested over $1 million in capital improvements to both the interiors and exterior of the property.
“The borrower executed on their initial game plan after acquisition and now our loan will provide them with long term stability going forward,” said Mr. Elefant. “This property’s vintage made it a perfect candidate for Green Rewards financing from Fannie Mae.”
“We thank Greystone for their guidance through the financing process, and their expertise in the many options for multifamily investors as they look to increase and optimize their real estate portfolios,” said Melissa Jones, a principal of The Rail at Georgetown LLC.
