Greystone has provided $10,800,000 in HUD 223(f) financing to refinance a 200-unit affordable housing community in Saginaw Township, Michigan. The transaction was originated by Lisa Fischman, Managing Director in Greystone’s New York office on behalf of The Altman Companies, a repeat Greystone client.
Constructed in 1980, Lakeside Village Apartments in Saginaw County consists of one mid-rise elevator building and townhomes with one-, two-, and three-bedroom units. The $10,800,000 HUD-insured loan carries a 35-year term and amortization along with a low, fixed rate. The property qualifies for a lower annual Mortgage Insurance Premium (MIP) of 0.25% because it is rent-restricted. In addition to refinancing, loan proceeds enable the borrower to continue with ongoing property maintenance.
“Our deep multifamily lending platform and FHA expertise means that our clients can get the financing they need to provide quality housing for communities across the country,” said Ms. Fischman. “Our clients trust Greystone as a true partner because we provide the right solutions and exceed their service expectations on every transaction.”
“We rely on Greystone because we know that no one else will work more creatively or tirelessly on our behalf to achieve our desired outcome, as has been proven over and over again,” said Mr. Joel L. Altman, principal of the borrower. “We’ve been in this industry for a long time and can say with confidence that Greystone’s extensive experience and passion for affordable housing makes them truly best-in-class when it comes to multifamily finance.”