Greystone Provides $22M Loan for Dallas-Area Community
- Jun 07, 2018
Greystone has facilitated the acquisition of Hunter’s Cove, a 192-unit community in Waxahachie, Texas. The company, working on behalf of the private buyer, originated $22 million in bridge financing. The loan has a two-year term. Greystone also processed a HUD 223(f) permanent financing loan, which is expected to close later this year.
“By leveraging Greystone’s full-service capabilities, we were able to provide a bridge finance solution for the acquisition and an exit plan for long-term financing with HUD. Greystone’s deep experience and flexibility enable us to navigate a variety of property acquisition scenarios—including a rigid 1031 exchange timeline—and execute beyond our clients’ expectations,” Ana Ramos, managing director at Greystone, said in a prepared statement.
Hunter’s Cove is located at 1250 W. Highway 287 Bypass, adjacent to the Waxahachie Town Center. Several shopping and dining destinations are adjacent or within minutes of the property, while Highway 287 and the Dallas Highway provide access around the greater Dallas-Fort Worth area.
Hunter’s Cove comprises 72 one-bedroom, 108 two-bedroom and 12 three-bedroom units, ranging in size from 741 to 1,378 square feet. Common-area amenities include a fitness center, business center, clubhouse, swimming pool and 348 parking spaces. Additionally, the property features lake frontage on Crystal Lake.
Image courtesy of Yardi Matrix