Greystone Closes Sale and Financing of Michigan Affordable Housing Property
HUD-Insured Financing Represents 91% Loan-to-Purchase for 120-Unit Multifamily Asset
Greystone closed the sale of a 120-unit affordable housing property in Traverse City, MI. The sale was managed by Eric Taylor, Aaron Hargrove, and Matt Yarbrough of Greystone Real Estate Advisors.
In addition to advising the seller on the transaction, Greystone provided $13.4 million in acquisition financing with a HUD-insured loan. The 35-year FHA loan was originated by Dale Holzer and Kelley Klobetanz, Managing Directors at Greystone.
Built in 2006, Village Glen is a post-15 year Low Income housing Tax Credit property that drew national interest and attention from potential buyers for attributes including being a stabilized property with low vacancy and strong operations located in a QCT and Opportunity Zone. The asset includes an extended tax credit compliance period through 2040. The property is situated on 15.16 acres with convenient location to employment, entertainment, education and shopping hubs in Traverse City and northwest Michigan.
“With today’s favorable rate environment, Village Glen stands as a highly attractive investment opportunity, and serves as a quality housing option for hundreds of residents in Traverse City,” said Mr. Taylor. “We are thrilled that we could provide guidance and execution on the sale as well as financing for the new owner.”