Originally constructed in 1980, the garden-style Villa Nueva Apartments community features 542 one- and two-bedroom units across a gated 47-building campus that has full-time security on site. Residents have access to three outdoor pools, common laundry rooms, and central mailbox centers. The property offers easy access to all of the Houston metro area’s major thoroughfares.
The $27,000,000 interest-only bridge loan carries a two-year term with two six-month extension options so that the borrower can acquire and rehabilitate the property while Greystone works to secure a low, fixed-rate permanent loan. Planned improvements include extensive exterior renovations to building facades, landscaping, and recreational areas, as well as interior structural improvements and fixture upgrades to each of the property’s units.
“Our bridge lending platform gives us the flexibility to put the right financing together for clients with diverse options for permanent financing,” said Mr. Wolins. “We are pleased that IRG was able to close quickly and get started on making capital improvements to the property while we work to secure long-term agency financing with our seamless bridge-to-agency lending process.”
“We were delighted that the Greystone team was able to move us seamlessly and rapidly through the bridge loan process so that we could start realizing our vision for Villa Nueva Apartments,” said Mr. Elliott Aronson of IRG. “Having acquired and renovated thousands of apartment units across Texas over the past decade, we understand what it takes to bring a property back to life. We are thrilled to have a team that is committed to getting us competitive financing terms so that we can get to work doing what we do best.”
About Greystone
Greystone is a real estate lending, investment, and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greyco.com.
