Greystone is loaning millions for multifamily assets near the Texas-Oklahoma border.
The New York-based firm has provided $15.4 million in bridge-to-agency financing for a five-property multifamily portfolio in North Texas, MultifamilyBiz reported. Greystone managing director Lance Wright issued the loan.
The borrower, an undisclosed Texas-based family office, aims to use the funds to refinance and renovate the properties — three in Sherman and two in Denison.
The properties, constructed in the 1960s and 1970s, comprises a total of 189 units. They are set to undergo extensive renovations.
Following the renovations, Greystone plans to transition the portfolio to permanent financing through agency channels. The two-year, interest-only bridge financing has two six-month extension options.
Separately, Greystone issued $16.1 million in January to refinance four multifamily assets totalling 136 units in Smith County, about 90 minutes southeast of Dallas, according to Yahoo! Finance. Each of the fixed-rate loans carries a 10-year term, with a 30-year amortization.
A little more than 11 percent of Greystone’s commercial real estate loans are delinquent, ranking second among the 21 most active firms in this realm, according to a study by CRED IQ. Greystone pushed back against the report, however, saying there “are no delinquent loans in any CRE CLO issued or managed by Greystone or its affiliates.”
The towns of Sherman and Denison, both in Grayson County, are over an hour north of Dallas. Denison, home to about 26,000 people, grew by an estimated 6.7 percent between 2020 and 2023, adding about 1,700 residents to its population, according to the Texas Demographics Center. Sherman’s population is a little under 46,000. It grew about 5 percent between 2020 and 2023, adding about 2,000 residents.
—Quinn Donoghue
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