Greystone has provided $20,740,000 in HUD 223(f) financing for the acquisition of a 265-unit multifamily property in Rapid City, South Dakota. The financing was originated by Richard Kourbage, Managing Director at Greystone, on behalf of Tzadik Properties, LLC.
The $20.74 million HUD-Insured loan carries a 35-year term and 30-year amortization along with a low, fixed rate.
LaCrosse Estates Apartments is a 265-unit workforce housing community offering one-, two-, and three-bedroom units. The property features amenities such as an indoor and outdoor pool, basketball court, fire pits, exercise room, and spa.
“We are thrilled to have worked with Tzadik Properties, LLC and their equity partner Circle Capital Partners, LLC to secure long-term financing for LaCrosse Estates as part of their growing portfolio,” said Mr. Kourbage. “One of Greystone’s key benefits is our ability to move quickly through the FHA process and guiding our client to a successful close.”
“We are pleased to have worked with the Greystone team on securing permanent financing for our largest purchase in the Midwest to date," said Tzadik Properties, LLC Chief Executive Officer Adam Marcus Hendry.