Houston-Area Asset Lands $32M Refi
The Fannie Mae financing follows a bridge loan taken two years ago.
Greystone has originated $32.2 million in Fannie Mae DUS financing for The Villas at Foxbrick, a 412-unit multifamily community in the Humble, Texas, suburb of Houston. The non-recourse fixed-rate loan has a 7-year term and 30-year amortization schedule. The funds are also meant for the partial monetization of the borrower’s equity in the asset.
A private individual owns the community, according to Yardi Matrix data. In 2021, the property became subject to a $17 million bridge loan from Royal Business Bank, originated by Cosmos Capital Group, public records show.
Completed in multiple phases, the community comprises 24 buildings which incorporate one- and two-bedroom floorplans ranging from 733 to 1,011 square feet. All units are equipped with washers and dryers. Common-area amenities include a fitness center, two swimming pools, a clubhouse and two spas, along with 375 parking spaces.
Greystone Managing Director Anthony Cristi originated the financing, while Gregory Vassilakos of Cosmos Capital Group acted as correspondent.
A decelerating Houston multifamily market
Located at 7150 Foxbrick Lane, the 18-acre site is adjacent to George Bush Intercontinental Airport. It is also 3 miles from Interstate 69 and roughly 21 miles north of downtown Houston. Close to the property, there are numerous dining and shopping options along the 1960 Bypass Road retail corridor.
A recent report shows that Houston multifamily fundamentals have dampened, with rent growth at a more sustainable 4.1 percent year-over-year as of March. That was slightly below the 5.5 percent national figure. Last year, transaction volume hit $9.7 billion, following the peak of $11.1 billion reached in 2021.