It emphasizes its commitment to provide financing for "affordable, quality housing"
Commercial real estate leader Greystone has provided $11.6 million in HUD-insured financing for the Chelsea Senior Community, a 150-unit, age-restricted affordable housing community in Houston, Texas.
The transaction, which was originated by Greystone senior managing Michael Zampetti and managing Kelley Klobetanz on behalf of Chelsea Seniors I, LLC, brings the company’s total financing for the same sponsor to almost $20 million, having previously committed $8 million for the 128-unit property Little York Villas last February.
The Chelsea Senior Community is located in Houston’s Harris County, consisting of five, mid-rise elevator buildings with 45 one- and 105 two-bedroom units. Its tenants are low-income seniors with an AMI of below 60% AMI and extremely low-income seniors with an AMI of below 30% over 55 years of age. Moreover, the property follows LITHC land use restriction agreements (LURAs), requiring rent restrictions and limits on tenant income.
Greystone’s HUD 223(f) loan totalling $11,576,000 carries a 35-year term and 40-year amortization, along with an affordable fixed rate. Due to its rent restrictions, the property qualifies for an annual mortgage insurance premium (MIP) of only 0.25%. In addition to refinancing, loan proceeds allow borrowers to continue with ongoing property maintenance and monetize a portion of their equity.
“Greystone is deeply committed to helping clients access the right financing so they can provide affordable, quality housing to people of all ages and incomes,” said Zampetti. “We are able to leverage our position as the top FHA commercial lender to provide solutions to our clients for these critical housing communities.”
“Providing quality affordable housing for seniors in Houston is a priority for us, and our Greystone team made it their priority as well,” added Cherno Njie, principal of the borrower. “Greystone’s affordable housing and HUD financing expertise and attention to detail were exceptional - we look forward to working with our team again on future transactions.”
