$40M Refi Obtained for Greenbriar Park Apartments

Greystone provided a $39.7 million Fannie Mae Green Rewards Program loan to refinance the 342-unit Greenbriar Park Apartments in Houston. The lending, investment and advisory company arranged for the 10-year, fixed-rate loan on behalf of Alara Ventures. The borrower, which has owned the asset since 2015, will use the funds to continue with renovations and capital improvements.

Greenbriar Park Apartments opened in 1993 at 7777 Greenbriar Dr. In addition to one- and two-bedroom units, the complex offers two swimming pools, clubhouse, fitness center and spa facilities, along with a business center and pet-play areas.

“Despite being a fairly new property, there were still energy efficiencies that could be realized with some improvements by the owners,” said Greystone’s Jason Stein. “Fannie Mae’s Green Rewards financing is a win-win for both the borrower, who receives attractive loan terms and lower operational costs, and the residents, who will see lower utility costs over time.”

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