Greystone Provides $49M Acquisition Loan for Houston Apartment Property

Commercial real estate finance company Greystone has provided a $49 million HUD-insured loan for the acquisition of The Life at Westpark, a 312-unit multifamily property in Houston.

The community consists of two-, three- and four-bedroom units, all of which are reserved for residents earning 60% of the area median income (AMI). With affordability due to expire by 2025, the new HUD-insured financing extends this affordability for 75 years after closing. Amenities include two swimming pools, playground, basketball court and recreation center.

The new owner, a partnership between Olive Tree and the Houston Housing Authority, plans to spend approximately $25,000 per unit to renovate the 1994-built community. Recent improvements to the property include Fair Housing Act compliant retrofits, new flooring, countertops and cabinetry, energy-efficient plumbing fixtures and replacement of hot water heaters and HVAC condensers with energy efficient units.