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September 19, 2020
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AMCAL Equities LLC Secures $49 Mil in Construction Money for TX Res Development


AMCAL Equities LLC has obtained a a $49 mil construction loan under the HUD 221(d)(4) program for the development of Katy Apartments, a new multifamily community located in Katy, TX.

Upon completion, Katy Apartments will consist of 324 market-rate and income-restricted rental units spanning 12 garden-style buildings. Each of the one-, two-, and three-bedroom units will feature modern appliances, in-unit laundry facilities, and private outdoor living space. Residents will also enjoy access to the communityís clubhouse and fitness facility, business center, media room, cabana, and swimming pool.

The property is located in the desirable west Houston metro suburb of Katy, one of the regionís most sought-after school districts. Its proximity to Interstate 10 provides easy access to the areaís major retailers, restaurants, entertainment and employers, and to downtown Houston.

The FHA financing will fund 85% of the total project costs and is structured as a non-recourse, fixed-rate construction loan that automatically converts to a 40-year, fully-amortizing permanent loan upon stabilization. With this green-certified and energy efficient project, the borrower also qualifies for reduced Mortgage Insurance Premium (MIP). The transaction was originated by Shana Daby, managing director at Greystone.

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