Greystone provided a $32,226,600 FHA-insured loan to finance the construction of The Vic at Southwinds Apartment Homes, a new market-rate 265-unit green-certified project in Baytown, Texas. The FHA-insured financing is a ground-up construction loan that converts to a 40-year permanent, fixed-rate, non-recourse fully amortizing loan after completion and stabilization. With this green-certified and energy efficient project, the borrower also qualifies for reduced Mortgage Insurance Premium (MIP).
The property’s eight, three-story garden-style buildings will offer 1-, 2- and 3-bedroom units with high-end finishes, in-unit washer/dryers and private yards.
The Vic at Southwinds
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Property Type
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Loan Amount$32,226,600
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Financing Option