Greystone provides $49 million HUD-insured loan for Houston affordable home
Greystone, a leading national commercial real estate finance company, has provided a $49,032,200 HUD-insured loan for the acquisition of a 312-unit multifamily property in Houston, Texas. The transaction was initiated by Shana Daby of Greystone on behalf of Olive Tree.
The 35-year fixed-rate non-recourse loan for The Life at Westpark secures affordable housing with long-term FHA financing. Life at Westpark includes two-, three-, and four-bedroom units, all reserved for residents earning 60% of the area median income (AMI). With accessibility set to expire by 2025, new funding provided by HUD extends accessibility for 75 years after closing. The new owner, a partnership between Olive Tree and the Houston Housing Authority, plans to spend about $25,000 per unit to renovate the community, which was built in 1994. Current amenities include two swimming pools, a playground, land basketball court and recreation center. Property upgrades include Fair Housing Act compliant renovations, new flooring, countertops and cabinets, energy
efficient plumbing fixtures and the replacement of water heaters and HVAC condensers with energy efficient units.
“Olive Tree has a long-term commitment to acquiring, preserving and improving the physical condition and affordability of multi-family housing across the United States, with particular emphasis in the Houston market,” said Ian Bel, managing member and CEO of the borrowing entity. “With their knowledge of affordable housing and the Texas market, as well as the multitude of financing options available, Greystone has been a great partner as we work to achieve our goals.”
“Ian and his team have shown that their dedication and perseverance will have a very positive impact on Houston and its people,” Ms. Daby said. “Preserving the affordability of this quality asset for decades to come will surely be a comfort to many. We were delighted to work with Olive Tree on this exciting acquisition. Additionally, HUD demonstrated its commitment to affordable housing by demonstrating impressive skill and speed in closing the transaction within a critical timeframe.
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