One of Houston’s big vintage garden-style apartment communities just locked in a fresh pile of cash to keep the upgrades going. Greystone has lined up roughly $36.6 million in Freddie Mac refinancing for Stratford House, a 476-unit complex at 4010 Linkwood Drive. The new debt is designed to let the owner keep pushing on interior renovations and capital projects across the property instead of sweating a jumpy rate environment.
Loan structure and who arranged it
According to Greystone, the Freddie Mac loan clocks in at $36,595,000 and comes with a fixed five-year term and full-term interest-only payments. Managing Director Gill Dolan originated the financing, which takes out a previous floating-rate bank loan and gives the ownership team more predictable payments while they wrap up ongoing work. “This refinance allowed our client to secure long-term, fixed-rate financing while continuing to reinvest in a well‑located asset,” Dolan said.
Renovations and upgrades under way
ConnectCRE reports that the sponsor has been rolling out interior unit renovations along with major capital projects across the campus, including HVAC, roofing and electrical upgrades. Stratford House dates back to 1966, and the renovation program, the outlet notes, is geared toward pulling older units up to current standards while keeping the property operating as rental housing.
Local context: Greystone’s footprint in Houston
Greystone has been a regular player in Houston’s multifamily debt scene this year, lining up agency loans for both portfolios and single assets. That includes a separate Freddie Mac package for Houston properties that closed in September. Greystone said that September financing totaled about $46.9 million.
For residents at Stratford House, any shifts tied to the refinance are expected to show up slowly, as funded work usually rolls out over months and centers on mechanical systems and unit interiors rather than sudden changes on the ground. ConnectCRE notes that the sponsor plans to keep the renovation program moving instead of repositioning the complex, which points to ongoing upkeep for this slice of Houston’s rental stock rather than a dramatic overhaul.
