Greystone Provides $17 Million in Freddie Mac Financing for Detroit Area Multifamily Property
Greystone has provided $17,244,000 in Freddie Mac financing for the acquisition of a 222-unit multifamily property in Harrison Charter Township, Michigan. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, on behalf of Lightstone.
The non-recourse $17.2 million Freddie Mac loan carries a fixed rate with a 10-year term and 30-year amortization, with five years of interest-only payments. In addition to the acquisition, loan proceeds will be used for capital expenditures and property renovations.
Originally built in 1968, The Shores of Lake St. Clair is an award-winning, 13-building, garden-style community of renovated studios, one- and two-bedroom units with modern finishes and appliances, private outdoor living spaces and in select units, wood-burning fireplaces. Residents of the pet-friendly community can enjoy the clubhouse, fitness center, swimming pool, sports court and playground, as well as on-site laundry facilities and parking. Located northeast of Detroit in “Boat Town U.S.A.,” the property is close to the area’s parks and outdoor recreation, retailers and entertainment, and offers easy access to Interstate 94.
“At Greystone, we thrive on using our extensive multifamily financing platform to put together the right resources for our clients,” said Mr. Sacks. “Our passion for the multifamily space is second only to our commitment to delivering a seamless and unparalleled client experience on every transaction.”
“This acquisition is part of the strategic expansion of our national multifamily portfolio and it is exciting to be part of this thriving community,” said David Lichtenstein, Chairman and CEO of Lightstone. “We are also pleased to have completed another successful financing with Greystone, whose team has consistently provided us with both efficient and thorough service for many years.”