Greystone Arranges Fannie Mae Loan for TX Asset

The Green Rewards refinancing loan, which carries a 10-year term, is estimated to reduce the property’s utility usage by 30 percent.
The Rail at Georgetown, Texas

Greystone has provided nearly $9 million in a Fannie Mae Green Rewards loan to refinance a 113-unit property in Georgetown, Texas. The loan carries a 10-year term with three years of interest-only payments.

Vice President DJ Elefant in Greystone’s New York office originated the transaction on behalf of The Rail at Georgetown, with Bolder Capital Principal Jason Bartlein acting as correspondent. Greystone Managing Director Dan Gillard and his team in Philadelphia supported the New York representative in the transaction.

Completed in 1985 on a nearly 3-acre lot at 708 W. 15th St., the Rail at Georgetown comprises one- and two-bedroom floorplans averaging 453 square feet. Common-area amenities include a playground, a pet play area, a fitness center, a business center and 165 parking spaces.

A private owner last acquired the market-rate asset in 2017 for some $7 million and invested more than $1 million in renovations in early 2019. The Green Rewards program is estimated to reduce the property’s utility usage by 30 percent.