By Joshua Ayers, Senior Editor
Houston—Greystone announced Monday that it has closed a $20.15 million CMBS loan for the Houston property The Place at Greenway on behalf of co-sponsors Redwood Capital Group of Chicago and BH Management Services of Des Moines.
The transaction for the loan, which was originated, managed and closed by Greystone’s head of CMBS production, Robert Russell, took only 19 days. The 219-unit community, in Houston’s Greenway/Upper Kirby neighborhood features resort-style amenities including pool, clubhouse and fitness center.
“Partnering with Greystone to acquire The Place at Greenway enabled us to secure an extremely competitive loan during a volatile interest rate period, and we’re thrilled with the outcome,” Mark Isaacson, managing Partner of Redwood Capital Group, says. “The team applied the utmost diligence and creativity to assemble an attractive loan package, and worked efficiently to lock the rate and close the deal quickly.”
Greystone’s Russell, who was hired by Greystone in July to head up the new CMBS Program, noted in press release that the CMBS lending option has been increasingly popular for multifamily real estate companies that are looking for different borrowing options than the traditional agency loans.
“The comparative ease of execution and flexible structures benefits borrowers at a time when the rate environment is more volatile,” Russell says. “Greystone’s financial experts will continue to navigate today’s unpredictable market and develop financing options that best meet our clients’ needs.”