Houston Community Receives $40M Fannie Mae Loan
- Jun 21, 2019
Alara Ventures has received a $39.7 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance Greenbriar Park Apartments, a 342-unit community it owns in Houston.
Originated by Greystone’s Jason Stein, the 10-year loan under the Fannie Mae Green Rewards program carries a low, fixed rate with full-term interest-only payments.
The proceeds will go towards continued renovations and capital improvements and will allow the borrower to monetize its existing equity in the property. Alara Ventures purchased the asset in 2015 from Rockwell Management, according to Yardi Matrix.
Built in 1993, the property managed by Berkshire Communities is located at 7777 Greenbriar St. and is currently 96 percent occupied. The one- and two-bedroom units offer in-room amenities including laundry and private balconies. Community amenities include carport parking, two swimming pools, a clubhouse and fitness center. The property is located just south of the medical district in south-central Houston, with easy access to the METRORail light rail system.
Alara Ventures will be able to realize energy efficiencies through improvements to the property, Stein commented in a prepared statement. The green financing will result in lower operational costs to the owner and reduced utility costs over time to the residents, he added.
Wood Partners broke ground on Alta Med Main, a 338-unit multifamily community to the southwest of Greenbriar Park Apartments, in January.