Greystone Provides $27.8 Million in HUD-Insured Financing for Detroit-Area Seniors Housing Property
Greystone has provided a $27,800,000 HUD-insured loan to refinance a 383-unit seniors housing property in Southfield, Michigan. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, on behalf of Loop Investments.
The $27,800,000 HUD Section 223(a)(7) financing replaces an existing FHA loan with a lower, fixed interest rate and a 35-year term and 40-year amortization, in order to increase the property’s cash flow. The property complies with HUD’s Energy Star requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium (MIP) reduction.
Built in 1970, Solaire Apartments is a pet-friendly community for residents 62 years of age and older. The property features two, three-story elevator buildings that offer studio, one-, two-, and three-bedroom units with updated finishes and appliances, spacious closets and private outdoor living spaces. Residents have access to the community’s clubhouse, fitness centers, swimming pool, picnic and play area, as well as on-site laundry facilities, beauty salon, library and parking. Located just outside of Detroit, the property is close to the area’s shopping, parks and outdoor recreation, arts and entertainment, and the Detroit Metro Airport.
“There’s no greater compliment than when clients come to us for our industry-leading HUD execution,” said Mr. Sacks. “Our deep knowledge of the multifamily space and our extensive lending platform enable us to deliver a consistently outstanding experience to every client, for every transaction.”
“Our commitment to our residents is to provide properties that they are proud to call home, and we trust our Greystone team to help us deliver on that promise by securing the foundational financing for our assets,” said Mr. Yechiel Lopiansky, principal of Loop Investments.