Cash flowin’ in Texas! Greystone, a big-name lending company, just shelled out $15.4 million to refinance five multifamily properties near the Texas-Oklahoma border.
Here’s the breakdown:
- Greystone goes big: They provided bridge-to-agency financing, basically a short-term loan to help the borrower secure long-term financing.
- Texas trio: Three of the properties are in Sherman, the other two in Denison.
- Revamp on the horizon: The borrower plans to use the funds to fix up these 1960s and 1970s era buildings.
Interesting tidbits:
- Not their first rodeo: Greystone also issued a $16.1 million loan in January to refinance apartments further southeast of Dallas.
- A little hiccup: Greystone has a higher delinquency rate than most on commercial real estate loans, according to a recent study.
What this means for you:
- Texas on the rise: The multifamily market in North Texas seems to be attracting interest from lenders.
- Fixer-upper potential: Investors might find opportunities in older properties with room for improvement.
- Do your homework: Investor beware – research any lender before making a decision.
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