NEW YORK — Greystone has provided financing for five multifamily properties in the Austin and Dallas-Fort Worth Metroplex areas in Texas totaling $59.3 million. The New York-based lender provided the acquisition financing through its Fannie Mae DUS platform.
Robert Russell of Greystone originated the loans with 10-year terms and 80 percent loan-to-value (LTV) in two pools. The properties acquired, which total approximately 1,442 units, include:
• Cypress Club in Arlington
• Windsprint Apartments in Arlington
• Hunters Cove in Grand Prairie
• Arbors of Austin in Austin
• Northgate Hills in Austin
In the first two months of 2014, Fannie Mae recorded roughly $2.4 billion in multifamily lending volume. In all of 2013, the agency closed approximately $28.8 billion in loans. Greystone has been a Fannie Mae DUS lender for more than 15 years.
Multifamily investors and developers are targeting apartment markets in major metros across Texas due to the state’s growing job market and population base.
In the Fannie Mae Economic and Strategic Research’s report from November 2013, entitled “The Lone Star State Shines Bright,” Fannie Mae economists Francisco Nicco-Annan and Kim Betancourt write that the average annual job growth in the majority of the Texas metros is expected to exceed 2.1 percent through 2016 (per Moody’s Analytics), which would outpace the national average of 1.9 percent expected for the same period.
— John Nelson