Greystone provided an $18.6 million Fannie Mae Delegated Underwriting & Servicing loan to acquire a 204-unit multifamily property in Fort Worth. The Fannie Mae loan has a 10-year term and 35-year amortization, with interest-only payments for the first five years. Greystone’s John Williams originated the loan.

More than half of the apartments are designated for low-income (below 60% area median income, or AMI) and extremely low-income (below 30% AMI) residents. The property has land-use restriction agreements (LURAs) requiring limits on resident income and rent restrictions on 121 apartments.

Constructed in 2003, The Residences of Diamond Hill in Tarrant County is a 40-building garden-style apartment community featuring two-, three- and four-bedroom apartments. The property’s amenities include a fitness center, swimming pool, outdoor grill and picnic area, playground and an after-school program. 

Next Tuesday, learn from and network with experts from Lument, Legacy Partners, Transwestern, Kairoi Residential, TruAmerica Multifamily, Helu Capital, Institutional Property Advisors, RCKRBX, and more at the 6^th annual Connect Texas Multifamily conference. Don’t miss out; be at the Virgin Hotels Dallas for the leading multifamily CRE event next week on August 20^th! Be sure to register in advance; registration pricing increases on event day!