Silverstone Partners, a thematic real estate investment manager, announced the closing of HUD-insured Section 223(f) financing for the Midland Portfolio, a portfolio comprising of four multifamily communities in Midland, Texas (“The Portfolio”). The Portfolio was acquired in December 2025 through a joint venture between Silverstone and JSB Capital Group (“the Partnership”), with Greystone providing acquisition bridge financing and a planned transition to permanent HUD financing.

The Loan is fixed-rate for its entire 35-year term. Silverstone views HUD’s long-term financing as the optimal structure for cash-flowing assets in strong-performing secondary markets, as it significantly de-risks the investment by reducing exposure to refinancing and capital markets risk.

“The financing went smoothly, and we were fortunate to lock our rate before the market moved,” said Manoj Ramprakash, Managing Partner and Founder of Silverstone Partners. “HUD is a demanding execution, but the long duration of the financing provides substantial certainty around our borrowing costs throughout our contemplated hold period, and the effort was well worth it.”

“The Portfolio was acquired at an attractive basis, with strong in-place cash flow and durable demand for large format rental housing in Midland,” said Bobby Svigals, Senior Vice President at JSB Capital Group. “The long-term HUD structure provides stability in an uncertain capital markets environment.”

“We were pleased to deliver a seamless bridge-to-HUD execution for Silverstone and JSB, providing long-term, fixed-rate financing that aligns with their investment strategy for the Portfolio,” said Mindy Klugmann, Chief Credit Officer – FHA Multifamily at Greystone. “This transaction demonstrates the value of Greystone’s ability to provide financing solutions throughout the lifecycle of an investment, from acquisition through permanent HUD financing.”

The Partnership’s thesis centered on investing in high-quality multifamily assets in markets with robust economic activity, anchored by the conviction that domestic energy production and power generation will remain a major focus of the country’s energy independence, and in assets with favorable capital cycle dynamics. In addition to the financing, the Partnership executed agreements to lease the mineral rights associated with the Portfolio at market-leading lease rates, providing additional income support and participation in royalties.

The Portfolio is at near full occupancy, and the thesis has since been validated by the recent entry of blue-chip real estate private equity investors into Midland-Odessa.

About Silverstone Partners

Silverstone Partners is a thematic real estate investment firm focused on uncovering scalable opportunities driven by market dislocations and secular trends. The firm’s investment strategy is to build and invest in specialized platforms that capture value within targeted themes across various asset classes, currently prioritizing themes in the residential and production studio sectors. Silverstone integrates deep operating expertise, an AI-native platform and an entrepreneurial partnership structure to drive value creation across the investment lifecycle, including asset repositioning, development and capital restructuring. Founded in 2022, Silverstone manages capital for institutional and private clients.

About JSB Capital Group

JSB Capital Group is a privately-held real estate investment management firm with primary offices in Miami, New York City and Baltimore. JSB invests both directly and alongside best-in-class operators focused on specific asset classes, geographies and investment strategies. JSB has invested more than $3 billion of equity, representing greater than $10 billion of asset value across various asset classes, and has acquired approximately 50,000 apartment units nationally in addition to its interests in other commercial real estate asset classes.

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

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