Commercial real estate leader Greystone has provided $11.6 million in HUD-insured financing for the Chelsea Senior Community, a 150-unit, age-restricted affordable housing community in Houston, Texas.
The transaction, which was originated by Greystone senior managing Michael Zampetti and managing Kelley Klobetanz on behalf of Chelsea Seniors I, LLC, brings the company’s total financing for the same sponsor to almost $20 million, having previously committed $8 million for the 128-unit property Little York Villas last February.
The Chelsea Senior Community is located in Houston’s Harris County, consisting of five, mid-rise elevator buildings with 45 one- and 105 two-bedroom units. Its tenants are low-income seniors with an AMI of below 60% AMI and extremely low-income seniors with an AMI of below 30% over 55 years of age. Moreover, the property follows LITHC land use restriction agreements (LURAs), requiring rent restrictions and limits on tenant income.