FORT WORTH, TEXAS — Greystone has provided an $18.6 Fannie Mae Delegated Underwriting & Servicing loan for the acquisition of The Residences of Diamond Hill, a 204-unit asset in Fort Worth. John Williams of Greystone originated the loan, which carries a 10-year term and 35-year amortization, with interest-only payments for the first five years. The borrower was not disclosed.
The Residences of Diamond Hill was built in 2003 and comprises 40 buildings. The garden-style community offers two-, three- and four-bedroom layouts. Amenities include a fitness center, pool, outdoor grill and picnic area, playground and an after-school program.
The property has land-use restriction agreements that require limits on resident income and rent restrictions on 121 apartments. More than half of the units at the complex are set aside for households earning below 60 or 30 percent of the area median income.