Greystone has provided $11,160,000 in HUD 223(f) financing to refinance a 93-unit multifamily property in Moorhead, Minnesota. The transaction was originated by Dan Sacks and Ilan Bassali of Greystone on behalf of the Northridge Group.
The $11 million HUD-insured loan carries a 35-year term and amortization, along with a low, fixed rate. Constructed in two phases in 2016 and in 2019, South Shore Landing I & II Apartments consists of four, detached mid-rise elevator buildings offering studio, one-, two- and three-bedroom apartments that feature modern appliances and finishes, in-unit washer/dryers and private outdoor living spaces. Residents have access to a clubhouse, fitness center, game and media room, barbeque and picnic area, pet park and a heated parking garage. The property is close to the region’s major employers, shopping, dining and educational centers, including Minnesota State University Moorhead campus, and is close to major highways that offer convenient access to the Canadian border and Minneapolis.
“There is no greater compliment than when our clients entrust us with multiple properties in their portfolio,” said Mr. Bassali. “Greystone strives to be the partner that brings to life our clients’ long-term vision for each property, which is why we work hard to exceed expectations on every transaction.”
“Once again, our Greystone team was able to secure the right financing for our needs,” said Ryan Carlson, co-founder and principal of the Northridge Group. “We were initially attracted to Greystone’s deep multifamily expertise and extensive lending platform, but it is the seamless execution and unparalleled service experience that keeps us coming back.”