AMCAL Equities Refinances Oak Tree Village Apartments With $43.2M HUD Loan

The Oak Tree Village Apartments in Lewisville, Texas have undergone a significant refinancing with a $43.2 million HUD loan provided by greystone'>Greystone. This 272-unit affordable housing community, acquired by AMCAL Equities, will benefit from a 35-year term and amortization at a low fixed rate. Additionally, the property will receive a renovation averaging $15,000 per unit. The project, originally a mixed-income LIHTC/market venture, transitioned to the Public Facility Corp. structure in partnership with the Plano Housing Authority, entitling Oak Tree Village to a 100% property tax exemption.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $43,200,000.00
• Address: 1595 S Old Orchard Ln, Lewisville, TX
• Market: Lewisville
• Borrower's Rep: Shana Daby (Greystone)
• Lender: Greystone

Shana Daby from Greystone played a crucial role in originating the loan for Oak Tree Village Apartments. The asset, comprising 24 garden-style buildings constructed in 1985, offers a mix of one-, two-, and three-bedroom units ranging from 650 to 1,310 square feet. The conversion to a Public Facility Corp. enabled the community to maintain its affordability, supported by a ground lease and regulatory agreement.