Greystone provided a $9,920,200 HUD 223(f) loan to refinance a 112-unit multifamily property in Elkhorn, Wisconsin. The financing was originated by Clint Darby and Phiet Nguyen, both Managing Directors at Greystone, on behalf of Meadow Blossom LLC.
Built in 2001, Meadow Blossom Apartments in Walworth County consists of 14 garden-style buildings with two-bedroom units. The $10 million HUD-insured financing carries a 35-year term, 35-year amortization, and a low, fixed rate. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity and continue with ongoing improvements to the property.
“Greystone’s deep multifamily lending platform means we can offer various permanent financing solutions to meet clients’ needs,” said Mr. Darby. “At Greystone, we are truly passionate about the multifamily space and seek to impress each client with our service and seamless execution on every transaction.”
“We turned to Greystone because of their stellar reputation for service and their extensive multifamily lending platform, and the team exceeded expectations on both counts,” said Mr. Khang-Cheng Ho, principal of the borrower. “Greystone was a dedicated and responsive partner for us and we look forward to working with our team on more projects as our portfolio continues to grow.”