Greystone announced it provided a $27,534,300 HUD loan to refinance a 340-unit apartment community in Canton, Mich. The transaction was originated by Fred Levine.
The 35-year FHA financing was provided for Wyndchase Apartments, a luxury townhome and apartment complex offering one-, two-, and three-bedroom units and amenities such as a fitness center, pool, and community clubhouse. One of Singh Development LLC’s signature properties, Wyndchase is part of a portfolio of multifamily and seniors housing holdings across Michigan, North Carolina and Virginia.
“Greystone has been a long-time lending partner of ours for over a decade. We were thrilled to replace three separate loans on three separate phases with one very long-term, low rate loan through HUD,” said Mony Malhotra, VP Finance for Singh Development LLC.
“Greystone’s ability to deliver on all levels with a strong emphasis on building deep relationships with its borrowers is a perfect match for our firm. Singh Development prides itself on building and managing superior multifamily projects and on developing strong bonds with firms like Greystone.”
“Even as more lending sources enter the Michigan market today, we’re seeing continual demand for long-term, low rate FHA financing, which enables property owners to maximize value. Borrowers like Singh Development understand the value that experienced lending partners can deliver, and we will continue to provide the absolute best execution possible,” said Betsy Vartanian, an executive vice president of Greystone’s FHA lending group.
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing volume as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.