Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Greystone Provides Refi Loan for Lewisville Affordable Housing Project
Greystone has provided a $43.2 million HUD loan for the refinancing of Oak Tree Village Apartments, a 272-unit affordable housing community in Lewisville, Texas.
Greystone’s Shana Daby originated the transaction on behalf of AMCAL Equities. The loan carries a 35-year term and amortization, having a low fixed rate. The project will also receive a revamp of approximately $15,000 per unit.
The asset was an existing mixed-income LIHTC/market project outside of its initial 15-year LIHTC compliance period. AMCAL purchased the community using a Greystone bridge loan. The project underwent a conversion to the Public Facility Corp. (PFC), which involved a partnership with the Plano Housing Authority and a ground lease and regulatory agreement. Oak Tree Village will benefit from a 100 percent property tax exemption, in exchange for additional affordability tied to the PFC structure.
Completed in 1985, the property encompasses 24 garden-style buildings with one-, two- and three-bedroom floorplans ranging between 650 and 1,310 square feet.
- ◦Financing
