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Texas  + Dallas-Fort Worth  + Apartments  | 
Lewisville rental community owners get $43M refi from Greystone

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.

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Shana Daby

About Mike Boyd

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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