Sanford P. Aron of Hunington Properties, Inc. has received a $32.2 million FHA-insured loan to develop The Vic at Southwinds Apartment Homes, a new 265-unit green-certified community in Baytown, Texas.
Greystone provided the construction funding, which starts as a ground-up construction loan before converting into a 40-year permanent, fixed-rate, non-recourse fully amortizing loan after completion and stabilization. The property’s planned green-certification and energy efficient amenities qualified the buyer for reduced Mortgage Insurance Premium (MIP).
“Our Greystone team’s expertise and deep background in FHA finance resulted in bringing this transaction to a quick close,” Aron said. “We needed a trusted, knowledgeable partner to be our guide throughout the FHA financing process, and we found one in Greystone.”
Located at 1900 Kilgore Parkway, less than 30 miles from Houston, The Vic at Southwinds Apartment Homes will consist of eight, three-story garden-style buildings and feature one-, two- and three-bedroom units, all containing high-end finishes, in-unit washer/dryers and private yards.
Once completed, the property will be situated close to several interstate highways, offering convenient access to plenty of retail and employment centers, including Baytown’s central business district and the southeastern suburbs of Houston.
The first residents are projected to move in the apartments in the summer of 2020.
In April, Greystone originated $27.3 million in Freddie Mac financing for Dasmen Residential to acquire the Safire at Matthews Apartments, a 320-unit Class B property in Charlotte, N.C.