Greystone Provides $49M Loan for Texas Multifamily Development
By Cathy Cunningham August 12, 2020 11:18 am
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AMCAL Equities has landed $49 million in construction financing for the development of Katy Apartments, a multifamily community located in Katy, Texas, Commercial Observer has learned.
Greystone provided the loan under HUD’s 221 (d) (4) program. Shana Daby, a managing director at Greystone, originated the debt, structured as a non-recourse, fixed-rate construction loan that converts to a 40-year, fully-amortizing permanent loan when the property stabilizes and finances roughly 85 percent of the total project costs.
“We are thrilled to team up with AMCAL again to secure the long-term financing for a project that will bring much needed market-rate and workforce housing to the Houston metro region,” Daby said in prepared remarks.
When completed, Katy Apartments will comprise 324 market-rate and income-restricted rental units across 12 garden-style buildings. Properties amenities will include a community clubhouse and fitness facility, a business center, a media room, a swimming pool and a cabana.
The project is green-certified and energy efficient, thus also qualifying the borrower for a reduced Mortgage Insurance Premium.
“We are delighted that Shana and the rest of the Greystone team worked tirelessly to deliver the best terms for us on this project and others – Greystone’s caliber of service and attention to detail is simply unmatched in this industry,” Stephen Clarke, vice president, Market Rate and Student Housing for AMCAL Equities, said in prepared remarks.
Only last week, Daby originated a $53.1 million HUD-insured loan to refinance another of AMCAL’s multifamily properties in Hayward, Calif., as reported by Connect Media.
“I am grateful that AMCAL continues to trust our team’s ability to execute on solutions that make sense for each of their transactions, at every stage of a project’s lifecycle,” Daby said.
