Dallas-Area Senior Community Lands $28M Refi
Greystone provided the GSE-backed non-recourse financing for the Class A property.
StoneCreek of North Richland Hills. Image via Google Street View
StoneCreek Real Estate Partners has taken a $28.3 million loan to refinance StoneCreek of North Richland Hills, a 96-unit Class A senior housing property in North Richland Hills, Texas. Greystone originated the Freddie Mac Optigo financing.
The non-recourse financing has a 10-year term, a 30-year amortization schedule and a five-year interest-only period. The mortgage retires a $15.6 million construction loan provided by Origin Bank in 2017, Tarrant County records show.
The community is located on more than 5 acres at 8505 Mid Cities Blvd. The 2019-built property offers independent living, assisted living and memory care units. Multiple floorplans are available, ranging from 434-square-foot studios to 1,580-square-foot two-bedroom apartments.
Operated by Civitas Senior Living, StoneCreek of North Richland Hills offers ample group activities, including a gardening club, arts and crafts classes and wellness programs. The community has a common room and sitting areas, a garden with several walking trails, a salon, an activity room, fitness and wellness centers and a library.
The community is less than 2 miles away from the Grapevine Highway retail corridor and Walker’s Creek Park. Downtown Dallas is 30 miles southeast, while downtown Fort Worth is 14 miles away.
Greystone’s Tyler Armstrong originated the financing. In September, a Greystone team including Armstrong provided nearly $36 million in construction financing for a 150-unit senior housing development in Chesterfield, Mo.
