Greystone’s $34.3M Loan Secures 280 Affordable Homes in Raleigh

RALEIGH, NC – February 12, 2026 – In a move that shores up a significant piece of Raleigh’s affordable housing stock, Greystone, a leading national real estate finance company, has provided a $34,250,000 bridge loan to refinance the Anson at North Hills apartment community. The financing ensures that all 280 units of the property will remain affordable for households earning at or below 80% of the Area Median Income (AMI), providing a crucial bulwark against displacement in one of the nation's fastest-growing cities.

The transaction was originated by Greystone Managing Director Gill Dolan on behalf of the property’s owner, Brazos Chelsea Apartments, LLC. The deal’s rapid execution, closing in just 47 days through the holiday season, underscores the urgency and efficiency required to preserve affordable housing in a competitive market.

Preserving Affordability in a Booming City

The financing for Anson at North Hills arrives at a critical juncture for Raleigh and surrounding Wake County. The region's explosive population growth—projected to increase by over 25% in the next decade—has dramatically outpaced the supply of housing, creating an intense affordability crisis. According to recent market data, the income required to afford a home in Raleigh more than doubled between 2020 and 2022, one of the steepest increases in the United States.

This pressure extends to the rental market, where every $100 increase in rent has been linked to a 9% rise in local homelessness. Despite municipal efforts, including an $80 million Affordable Housing Bond and a goal to create 5,700 affordable units by 2026, the challenge remains immense. Legally binding affordable units have constituted only 8% of the housing produced in Raleigh over the past seven years, leaving a vast gap between supply and demand.

In this context, preserving existing affordable housing is as vital as creating new units. The refinancing of Anson at North Hills directly protects 280 households from the volatility of the open market. Built in 1985, the 15-building garden-style community provides not just shelter but stability, with amenities like two swimming pools, a fitness center, and a playground that foster a strong community environment for its residents.

The Strategic Role of Bridge Financing

Key to the transaction's success was the use of a bridge loan, a specialized short-term financial instrument designed for speed and flexibility. This type of loan “bridges” the gap for a property owner, providing immediate capital to acquire or refinance an asset while they prepare for more permanent, long-term financing. For Anson at North Hills, the interest-only loan carries a 24-month term with options for two six-month extensions, giving the owner ample time to position the property for sustained success.

In the affordable housing sector, bridge loans are a critical tool. They allow operators to move quickly in competitive markets and secure properties that might otherwise be lost to market-rate developers. They also provide the necessary capital to fund renovations or navigate the complex requirements of permanent financing from government-sponsored entities like Fannie Mae and Freddie Mac.

The swift 47-day closing timeline, including the year-end holiday period, highlights the efficacy of this approach. William Hancock, principal of the borrower, emphasized the importance of this speed, stating, “Greystone was the right partner for this transaction, particularly given how important a year-end closing was. Greystone stayed focused and responsive and closed in 47 days, including the holidays. We appreciate their commitment to getting the deal done.”

This agility is a core part of the lender’s strategy. “We’re excited that this bridge execution was the right solution for Brazos and positions the property well for long-term success,” said Mr. Dolan of Greystone. “Greystone’s ability to deliver practical solutions in competitive markets helps our clients strengthen their assets and improve the quality of housing for the residents they serve.”

A Deeper Commitment to Housing Solutions

This transaction is not an isolated event for Greystone but rather a reflection of its deep and established commitment to the affordable housing sector. The company has built a reputation as a powerhouse in multifamily finance, consistently ranking as a top lender for Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development (HUD).

In 2023 alone, Greystone ranked #2 for Freddie Mac lending volume dedicated to affordable housing and #4 for Fannie Mae affordable housing volume. The firm’s commitment is further demonstrated by its broader initiatives, such as its inaugural Low-Income Housing Tax Credit (LIHTC) fund, which raised over $100 million to finance nearly 1,000 affordable rental units across the country.

By deploying a wide range of financial products, from bridge loans to permanent agency financing, Greystone provides a comprehensive toolkit for the creation and preservation of affordable communities. This strategic focus acknowledges a critical market reality: the operational challenges for affordable housing providers are mounting. Since 2019, operating expenses for multifamily properties have risen by nearly 40%, far outpacing revenue growth, which is constrained by AMI-based rent limits. Flexible financing solutions like the one provided for Anson at North Hills are essential for owners to navigate these economic headwinds and maintain the quality and viability of their properties.

With this new financing in place, Anson at North Hills is secured as a vital community asset for the foreseeable future. The bridge loan provides the stability needed to continue offering quality, affordable homes, ensuring that hundreds of Raleigh residents can continue to live and thrive in their community amidst the city's ongoing transformation.