Transaction Overview
Refinance of a 297-unit apartment complex in Richmond, TX to fund partnership between sponsor and Housing Authority enabling affordable housing preservation with tax exemptions. The property includes 87 affordable units at ≤80% AMI, 62 affordable units at ≤60% AMI, 148 market-rate units, and 5+ Housing Choice Voucher units. Structured on a 99-year ground lease with Housing Authority providing property tax exempt status. GSP coordinated senior CMBS debt with preferred equity while managing concurrent property management transition and educating lenders on unfamiliar Public-Finance Corporation structure.
