LEAGUE CITY and WACO, Texas — Greystone has provided a $40.4 million Fannie Mae loan to refinance debt on The Delaney at South Shore in League City, a suburb of Houston.
The company also arranged a $30 million bank loan to refinance debt on The Delaney at Lake Waco in Waco, approximately midway between Dallas and Austin.
The borrower in both transactions was LCS. Tyler Armstrong of Greystone originated both loans.
The Fannie Mae loan for the 204-unit League City community was executed as fixed-rate, nonrecourse financing carrying a 10-year term and 30-year amortization. The loan featured five years of interest-only payments.
The national bank loan for the 169-unit independent living, assisted living and memory care community in Waco was executed as a floating-rate financing carrying a seven-year term and 30-year amortization. The loan featured three years of interest-only payments and a mid 200 basis points loan spread.
The post Greystone Arranges $70.4M Financing for Two Delaney Communities in Texas appeared first on Seniors Housing Business.
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