HOUSTON – (Realty News Report) – Iliad Realty Group has acquired the 542-unit Villa Nueva Apartments at 5300 West Gulf Bank Road in northwest Houston.
Greystone provided a $27 million bridge loan for the acquisition of the property, which was constructed in 1980. Greystone’s Daniel Wolins originated the funding. Sal Torre of Estreich & Co. brokered the deal.
Fort Worth-based IRG has acquired thousands of Texas units in the last decade, said Elliott Aronson of IRG. “We were delighted that the Greystone team was able to move us seamlessly and rapidly through the bridge loan process so that we could start realizing our vision for Villa Nueva Apartments,” said Aronson. “Having acquired and renovated thousands of apartment units across Texas over the past decade, we understand what it takes to bring a property back to life. We are thrilled to have a team that is committed to getting us competitive financing terms so that we can get to work doing what we do best.”
The $27 million interest-only bridge loan carries a two-year term with two six-month extension options so that the borrower can acquire and rehabilitate the property while Greystone works to secure a low, fixed-rate permanent loan.
Said Wolins: “We are pleased that IRG was able to close quickly and get started on making capital improvements to the property while we work to secure long-term agency financing with our seamless bridge-to-agency lending process.”