Greystone Arranges Fannie Mae Loan for Houston Apartment Asset Refi
Greystone has provided an $11 million Fannie Mae loan for the refinancing of Broadway Park, a 224-unit apartment complex in Houston. The property comprises 108 one-bedroom residences, 112 two-bedroom apartments and four three-bedroom units. D.J. Elefant and Dan Gillard led the Greystone team that secured the financing on behalf of the borrower.
Since acquiring Broadway Park in 2019, the sponsor has invested more than $2.5 million in capital improvements. “Once again, the borrower did an incredible job upgrading the property and executing on their game plan,” said Greystone’s 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.”
Bolder Capital arranged the fixed-rate debt, which carried a 10-year term and four years of interest-only payments.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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