Greystone has provided an $18.6 million loan through Fannie Mae’s Delegated Underwriting & Servicing program to acquire a 204-unit multifamily property in Fort Worth. The loan, originated by John Williams of Greystone, has a 10-year term and 35-year amortization with interest-only payments for the first five years.
More than half of the units at The Residences of Diamond Hill are designated for low-income (below 60% area median income) and extremely low-income (below 30% AMI) residents. As part of land-use restriction agreements, there are limits on resident income and rent restrictions on 121 apartments.
Built in Tarrant County in2003, this garden-style apartment community consists of forty buildings offering two-, three- and four-bedroom units. Amenities include a fitness center, swimming pool, outdoor grill/picnic area as well as playgrounds and an after-school program.
