Greystone Secures $37M Refi for DFW Community
- Mar 07, 2017
By Mihaela Coste
Roanoke, Texas—Greystone recently announced that it has provided a Fannie Mae DUS loan in the amount of $37 million for refinancing Enclave at Westport, a Class A community in Roanoke. The borrower, Texas-based Integrated Real Estate Group, was represented by Cary Tremper and Scott Kavel, managing directors of Greystone.
The non-recourse 10-year Fannie Mae Near-Stabilization loan provides a permanent financing exit from the construction loan and includes three years of interest-only and a 30-year amortization. The asset owned by Integrated Real Estate Group was completed in 2016.
Located at 13524 Alta Vista Road, Enclave at Westport is situated off Highway 170 in a residential neighborhood with elementary and middle schools within walking distance. The property offers convenient access through Interstate 35W and is only 15 minutes from Dallas/Fort Worth International Airport.
The 339-unit community with one-, two- and three-bedroom floor plans features nine-foot ceilings, wood plank flooring throughout, ceiling fans in bedrooms and living areas, granite countertops, energy-efficient appliances. Selected units include private yards. Property amenities include a resort-style pool with tanning deck, a clubhouse, fitness center, outdoor lounge with fire pit, grilling areas, business center, Wi-Fi in all common areas, as well as covered and reserved parking.
“Fannie Mae’s Near-Stabilization Execution is an ideal permanent financing solution for developers that are having a successful lease-up period and are ready to exit their construction loan,” said Tremper in a prepared statement. “As our third Near-Stabilization transaction of this nature for the borrower, it has proven to be a core component in their development strategy.”
Image courtesy of Enclave at Westport