Houston Community Lands $14M in Construction Financing
- Apr 12, 2019
MidHudson has arranged HUD 221(d)(4) financing using its HUD Reserve Funding Product for HS Development for the construction of the 115-unit The Edge at Langham Creek in Houston. According to Harris County recorder, Greystone originated the $14.1 million loan, which features a 4.5 percent fixed interest rate and a maturity date set for 2060. The total price tag of construction is $18 million.
“Once we contacted MidHudson, they moved quickly and efficiently. We went from introduction to execution in five weeks. They quickly got up to speed on the project and were able to issue an LOI and get to closing to meet a tight deadline,” said Steven Helm, president of HS Development, in prepared remarks.
Associate Director Mark Crosswell and Analyst Eric Kline from Berkadia and Senior Managing Director Scott Thurman from Greystone helped secure the funding.
Last year, MidHudson arranged its first transaction in the HUD Reserve Funding, when they arranged financing for Graham Development to begin construction on The Venue at Werner Park, a 544-unit apartment community in Papillion, Neb.