Greystone Provides $18.3 Million in HUD-Insured Financing for Multifamily Property in Grand Forks, North Dakota
Greystone has provided $18,320,000 in HUD 223(f) financing to refinance a 150-unit multifamily property in Grand Forks, North Dakota. The transaction was originated by Adam Yitzhaky and Ilan Bassali of Greystone on behalf of the Northridge Group.
The $18.3 million HUD-insured loan carries a 35-year term and amortization, along with a low, fixed rate. In addition to refinancing, loan proceeds also enable the borrower to continue with ongoing site maintenance and monetize a portion of their equity.
Built in 2016, Aspen Lofts Apartments consists of two, 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 of the pet-friendly community have access to a clubhouse, fitness center, game and media room, barbeque and picnic areas, dog park and onsite parking. Located close to the area’s major employers, shopping, dining and educational centers, including the University of North Dakota, the property is near Interstate 29 and U.S. Highway 2, which provide convenient access to the Canadian border, Fargo and Grand Forks Air Force Base.
“We like to get hands-on and go into the details when it comes to finding the right solutions for our clients’ properties,” said Mr. Yitzhaky. “Greystone’s tenure in the multifamily space and our deep HUD lending experience mean we bring a unique level of insight and resources to each transaction, resulting in unparalleled service and execution for every deal.”
“Greystone’s mastery of the multifamily space and its extensive lending capabilities meant that we secured the financing we needed in record time,” said Ryan Carlson, co-founder and principal of the Northridge Group. “Our Greystone team made sure we were well-cared through every step of the transaction - we consider them to be a trusted partner who helps us do better business.”