Constructed in 2003, The Residences of Diamond Hill in Tarrant County is a 40-building garden-style apartment community featuring two-, three- and four-bedroom apartments. More than half of the apartments are designated for low-income (below 60% area median income, or AMI) and extremely low-income (below 30% AMI) residents.
The property has land-use restriction agreements (LURAs) requiring limits on resident income and rent restrictions on 121 apartments. The $18.6 million Fannie Mae Multifamily Affordable Housing (MAH) acquisition loan carries a 10-year term and 35-year amortization, with interest-only payments for the first five years.
The property’s amenities include a fitness center, swimming pool, outdoor grill and picnic area, playground and an after-school program.
“Greystone is passionate about helping clients find the right financing to bring quality, affordable housing to working families in their communities,” said Mr. Williams. “We are deeply committed to being part of the solution for our nation’s affordable housing crisis and are proud that our multi-faceted and extensive multifamily lending platform equips us with the tools and resources to do so.”
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
