Greystone Lends $55M for Dallas-Area Affordable Housing Portfolio

Atlantic Housing Foundation (AHF) has secured $55 million in debt backed by the U.S. Department of Housing and Urban Development (HUD) to refinance a portfolio of  affordable housing assets in the Dallas-Fort Worth region, Commercial Observer has learned. 

Greystone provided the HUD-insured financing for three AHF properties in Fort Worth and McKinney, Texas, totaling 622 units. Greystone Vice President Miryam Reinitz-Kops and Managing Director Jon Morales originated the transaction.

“These transactions reflect Atlantic Housing Foundation’s ongoing commitment to the long-term preservation of affordable housing in Texas,” Michael Nguye, president and CEO of AHF, said in a statement. “Through this vehicle, AHF was able to revitalize and invest back into the assets as part of AHF’s greater mission to extend the useful life of much-needed housing in the region.”

The AHF portfolio included in the deal consists of the 296-unit Quail Ridge Apartments in Fort Worth, the 176-unit Silver Leaf Apartments in Fort Worth, and the 150-unit Redbud Trail Apartments in McKinney. Resident amenities at the properties include community centers, playgrounds and on-site laundry facilities. 

In prepared remarks, Morales credited AHF with implementing programs that offer rent incentives for families whose school-age children achieve high marks in school. He added it was “gratifying” to help the nonprofit organizations like this “grow by optimizing their portfolios.” 

Andrew Coen can be reached at acoen@commercialobserver.com