Greystone, a leading national commercial real estate finance company, has provided a $10,791,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 200-unit affordable housing property in Dallas, Texas. The transaction was originated by Ana Ramos, managing director in Greystone’s Los Angeles office, with Eric Better of BCREM Capital Inc., acting as correspondent on behalf of 378 Creekside.
The $10.8 million Fannie Mae loan carries a 10-year term with a fixed interest rate and a 30-year amortization. In addition to refinancing, part of the loan proceeds will be used for ongoing renovations and capital improvements, including energy-efficient upgrades, to maximize the value of the property. The property has a project-based HAP contract and LIHTC LURA; due to terms of the HAP contract and creative structuring, Greystone was able to find the right solution for both the borrower and Fannie Mae.
Originally constructed in 1967, Creekside Villas Apartments is a garden-style apartment community offering 200 one-, two- and three-bedroom units. The property was recently renovated in 2019, and offers residents a clubhouse, business center, laundry room, playground, dog park and on-site parking. The Dallas property is located near the Trinity River, just off the F. Hawn Freeway, providing easy access to neighborhood schools, grocery stores and parks.
“Our Greystone team is passionate about find the best financing fit for clients, especially for affordable housing, which is so critical to our society,” said Ms. Ramos. “We are thrilled to provide an excellent solution that will maintain affordability for this property in Dallas, which will positively impact the hundreds of residents at Creekside Villas.”
“Greystone did it again – this time, finding us the right financing terms for a complicated transaction in the middle of a pandemic,” said Mr. Rajab Ali, principal of 378 Creekside. “Ana and her team are tireless and unflappable. Our goal is to offer families at every income level access to quality living spaces that they are proud to call ‘home.’ We are truly grateful that Greystone is our partner in this effort, giving us the tools we need to bring our vision to life.”
