Greystone Secures $48.3M HUD 223(f) Loan to Refinance and Preserve 280-Unit Affordable Community in Austin, TX

Greystone has closed a $48.25 million HUD-insured Section 223(f) financing package for Travis Oaks Apartments, a 280-unit garden-style affordable housing community located in Austin, Texas.

The 35-year, fixed-rate loan facilitates the acquisition and long-term preservation of the property, which serves families earning at or below 60% of the Area Median Income (AMI). Under the transaction agreement, the sponsor executed a new 20-year Section 8 Housing Assistance Payments (HAP) contract with HUD and committed $6.8 million ($24,285 per unit) in immediate capital expenditures to meet NSPIRE new affirmative requirements, including energy-efficient HVAC upgrades, roof replacements, and accessibility modernization.