Greystone Secures $37M Refi for DFW Community

The 339-unit property was completed in 2016 and features a resort-style pool, fitness facility, clubhouse and business center.

By Mihaela Coste

Enclave at Westport in Roanoke, Texas
Enclave at Westport in Roanoke, Texas

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