Greystone Provides $51M Financing for Nearly 1,000 Apartments in Texas
Greystone has arranged $51.6 million in Fannie Mae loans for InterCapital Group’s acquisition of The Parks at Treepoint and Post Oak Apartments.
By Adelina Osan, Associate Editor
Rob Russell of Greystone originated the loans for the acquisition of The Parks at Treepoint in Arlington and the Post Oak Place in Euless. Houston-based InterCapital Group paid $33 million to buy The Parks at Treepoint and $18.6 million for the purchase of Post Oak Place. The terms of the 10-year Fannie Mae DUS loans include 3 years interest-only at a low fixed interest rate.
Located at 6601 Treepoint Drive in Arlington, The Parks at Treepoint offers 586 units over 29.5 acres with one-, two- and three-bedroom floorplans. The second property, Post Oak Apartments, is located at 3888 Post Oak Blvd. in Euless. The community covers 11.1 acres and offers more than 350 one- and two-bedroom apartments.
“We are pleased that the Fannie Mae DUS product proved to be the right solution for InterCapital and that we were able to help them meet their hard purchase date,” Joe Mosley, executive managing director & head of agency lending at Greystone, said in prepared remarks. “The DUS loan platform allows us to simplify the loan process so that we can provide that high level of personal service.”
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