Hunter's Cove Apartments features eight three-story buildings totaling 192 residences.
WAXAHACHIE, TX—Job gains in the Dallas/Fort Worth metroplex continue to rise at a strong pace with wage growth strengthening this year. These trends are propelling a steady rise in the number of households created, of which a large share are moving into apartments, according to a third-quarter report by Marcus & Millichap.
In the first three quarters of 2018, the positive net absorption of nearly 22,300 units was more than any 12-month span in more than a decade. Healthy absorption trends are anticipated to continue as the metroplex's economic outlook remains bright and developers continue to respond with a deep development pipeline throughout the market.
Going with that trend of a preference for multifamily, lenders and investors continue to follow suit as a result. One recent example is Greystone's $23.7 million in HUD-insured financing for Hunter's Cove Apartment Homes.
The permanent FHA financing for Hunter's Cove carries a low fixed-interest rate, and 30-year term and amortization period. The new HUD 223(f) financing is a permanent exit from the bridge loan that Greystone had arranged in April of this year, which contributed to a 150% increase in Greystone's YTD bridge loan volume in last year. Ana Ramos, managing director in Greystone's Los Angeles office, originated the transaction.
“The HUD-insured loan product, with its low rate and long term, is truly one of the best permanent financing solutions available today, especially in such a volatile rate environment,” says Ramos.
Located just outside of Dallas, Hunter's Cove Apartments features eight three-story garden-style buildings with a combined 192 residences. The homes range from one- to three-bedroom units, all with lake views. In addition, residents have access to a clubhouse, fitness, center, dog park, enclosed garages and swimming pool.
“Greystone excels at the bridge-to-HUD process, which is ideal for multifamily investors looking for a smooth close and ultimately, long-term low fixed-rate financing with HUD,” Ramos tells GlobeSt.com. “This deal moved through to permanent financing within a few months.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
