Houston Community Lands $11M Refi
Greystone secured the Fannie Mae DUS loan for the 224-unit community.
Greystone has arranged an $11 million Fannie Mae DUS refinancing loan for Broadway Park Apartments, a 224-unit multifamily community in Houston, with Bolder Capital acting as debt broker. According to Yardi Matrix, Shahda Investments is the owner of the property.
The fixed-rate, non-recourse mortgage has a four-year interest-only period and a 10-year term. Shahda picked up the asset in 2019 and has since invested more than $2.5 million in interior and exterior capital improvements.
Located at 2505 Broadway St., the community is adjacent to Highway 610 and less than 9 miles southeast of downtown Houston. Completed in 1961, the roughly 167,800-square-foot, two-story property encompasses one- to three-bedroom units averaging 774 square feet. Common-area amenities include a clubhouse, a playground and two laundry facilities.
DJ Elefant, vice president of Greystone’s New York office, arranged the deal for the borrower, with the assistance of the company’s Philadelphia team led by Director Dan Gillard. In another recent deal, Greystone provided Rich Properties with $161.4 million for the refinancing of a seven-property portfolio across five states.