Greystone has provided a $30 million HUD-insured construction loan for the development of Mills Creek Preserve Apartments, a new 188-unit multifamily community located in Yulee, Florida. The transaction was originated by Christine Griffin, Managing Director in Greystone’s New York office.
The $30,091,700 HUD 221(d)(4) loan will fund 85% of total project costs and is structured as a non-recourse, fixed-rate construction loan that automatically converts to a 40-year, fully-amortizing permanent loan upon stabilization. With this green-certified and energy efficient project, the borrower also qualifies for reduced Mortgage Insurance Premium (MIP).
Upon completion, Mills Creek Preserve Apartments will be a gated community of eight garden-style buildings with a mix of one-, two-, and three-bedroom units featuring modern appliances, in-unit laundry and outdoor living space. Residents will enjoy access to a clubhouse and business center, exercise facilities and swimming pool, as well as outdoor recreational facilities and a pet park. The property is in the desirable Nassau County School District, and its proximity to Interstate 95 and State Route 200 provides convenient access to major retailers, restaurants, entertainment and small businesses. It is also near area attractions, such as the Jacksonville Zoo & Gardens, state parks and museums.
“The HUD construction financing is an excellent option for a quality sponsor who is looking for long-term and low-rate financing from the outset of a project,” said Ms. Griffin. “Though each client’s needs may be unique during the development process, at Greystone we strive to deliver the same seamless and best execution experience every time.”
“We are excited that our newest project will bring much-needed multifamily housing to Jacksonville’s growing metro area, and we’re thrilled that Christine and her team at Greystone helped us bring it to life,” said Stefan Davis, principal of borrower Davis Heritage, a well-established commercial real estate firm in North Central Florida. “Greystone has been our trusted advisor throughout every phase of the process so far and we look forward to future projects together.”