Iliad Realty Group has acquired Villa Nueva, a 542-unit community in Houston, for $36 million. Greystone provided a $27 million Fannie Mae bridge loan to finance the acquisition.
The interest-only mortgage carries a two-year term with the opportunity for two six-month extensions. During this period, Greystone will work on securing a low, fixed-rate permanent loan. Earlier this month, Greystone also provided two Fannie Mae loans for the acquisition of a 216-unit community in a suburb of Fort Worth, Texas.
Villa Nueva is located at 5300 W. Gulf Bank Road, near Freeway 249 and Interstate 45, around 12 miles from downtown Houston and 16 miles from George Bush Intercontinental Airport. The 47-building property was built on 18 acres in three phases, between 1980 and 1983. The community features full-time security on site and encompasses one- and two-bedroom units averaging 795 square feet. Amenities include three outdoor pools, common laundry rooms and mailbox centers.
The buyer plans to revitalize the property. Projected refurbishments include renovated facades, landscaping and recreational areas, as well as interior structural improvements and fixture upgrades in each unit. Greystone Managing Director Daniel Wolins originated the loan, while Estreich & Co.’s Broker Sal Torre brokered the transaction.