Greystone Provides $38.8M for San Antonio Asset

Greystone refinances a 360-unit asset; Boston Capital provides financing for an Affirmed Housing project; and Capstone lands management contracts for seven properties in Greater Houston.

Renaissance at Canyon Springs resizedSan Antonio—Multifamily and healthcare mortgage provider Greystone is having a busy week news-wise. After announcing a $60.5 million bridge loan for an Atlanta asset yesterday, the firm has just released details on a $38.8 million HUD loan to refinance Renaissance at Canyon Springs, a 360-unit Class A property is located in San Antonio.

The FHA financing was structured as a non-recourse 35-year fully amortizing HUD 223(f) loan on behalf of The Bascom Group. Greystone’s Reuben Dolny, originator in the company’s New York office, worked to close the loan.

“We couldn’t be more pleased that our first HUD closing of 2014 was with Bascom. We are delighted to have arranged such attractive financing which will benefit the development for many years to come,” says Betsy Vartanian, head of FHA lending at Greystone.

The property is situated along the Canyon Springs golf course, and features an amenity package that includes private patios, garage parking, a clubhouse with media center, swimming pools, a fitness center, playground, basketball and tennis courts, outdoor trails and a putting green.

Boston Capital provides financing for Affirmed Housing project

Vista, Calif.—Boston Capital is investing in the construction of Paseo Pointe, a 69-unit development for families located in Vista, Calif.  The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developer is Affirmed Housing, based in San Diego.

“Paseo Pointe represents Boston Capital’s 18th investment with Affirmed Housing,” says Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. “Boston Capital’s commitment to the creation of high-quality, affordable apartment communities is the key to our success and Paseo Pointe is another example of that commitment.”

The construction of Paseo Pointe will generate $7 million in local salaries and create more than 100 new jobs in the Vista area. Boston Capital’s investment in the development adds 69 units of affordable housing to its apartment portfolio.  To date, Boston Capital has invested in more than 13,050 units of affordable housing in California.

Paseo Pointe will consist of three studio, 21 one, 24 two and 21 three-bedroom apartment homes. The units will be arranged in two, three-story wood structures connected by a pedestrian bridge atop single level concrete podiums, creating one four-story development. Unit amenities will include dishwashers, balconies and central air conditioning. Units will be available to families earning 60 percent or less of the Area Median Income (AMI).

The ground floor of the north building will contain retail space and centrally located management offices, while the south parcel will host a community room and laundry facility. Additional community amenities will include a small library with a computer area, an exercise room, and a tot lot. The development will also feature a solar system to offset resident electric costs and reduce utility allowances.

 Capstone awarded management for seven properties in Greater Houston

Houston—Texas-based third-party manager Capstone Real Estate Services has been awarded management contracts on seven residential projects by five different owners in Greater Houston. Six of the assets are new assignments, while one is a retention of an existing account after a sale.

In total, the properties account for nearly 1,000 units that are a mix of conventional, affordable and age-restricted housing. Two communities are existing, three are currently under construction, and two will break ground in 2014. The properties are situated in Houston as well as Beaumont, Missouri City, and Friendswood. Capstone has had a continuous presence in the Houston market since 1978, and currently manages 36 properties and over 6,000 units in the Greater Houston area.