HOUSTON-Chicago-based Redwood Capital Group and BH Management Services of Des Moines, IA teamed up to acquire the 219-unit Place at Greenway. To help fund the transaction, Greystone of New York, NY closed a $20.1 million CMBS loan with a 10-year fixed rate.
The property at 3333 Cummins St. was sold by Miller Creek Residential Trust, which owned the asset since 2011. According to the Harris Central Appraisal District, Place at Greenway was built in the 1960s, with a clubhouse added in the 1990s. The property was renovated in 2009.
Robert Russell, head of CMBS production at Greystone, originated the loan and managed the closing, which took place in 19 days.
“CMBS is increasingly an attractive lending option for multifamily real estate borrowers seeking alternatives to traditional agency loans. The comparative ease of execution and flexible structures benefits borrowers at a time when the rate environment is more volatile,” Russell comments. Greystone's CMBS program was launched earlier this year.
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