Greystone has provided a $7.8 million HUD-insured loan to refinance a 124-unit affordable housing community in Roseville, Michigan. The financing was originated by Lisa Fischman, Managing Director in Greystone’s New York office on behalf of The Altman Companies.
The $7,760,000 HUD-insured section 223(f) loan which finances The Meadows of Roseville, carries a 35-year term with a low, fixed interest rate. The Greystone team also made sure the Section 8 HAP contract was extended so that The Meadows would save even more with a reduction in the MIP to 0.25% for the life of the loan. This permanent financing represents a refinance of a previous HUD loan already in the Greystone portfolio from 2015.
The Meadows of Rosevilleis a section 8 affordable housing community consisting of 124 one- and two-bedroom apartments with amenities such as a playground and picnic tables.
“This was a unique financing situation that resulted in a last-minute change that significantly improved the result for The Altman Companies, but the team at HUD was great throughout the entire process,” said Ms. Fischman.
“Over the years, Greystone has proven to be a nimble and reliable partner for us,” said Joel Altman, chairman of The Altman Companies. “We are thrilled to lock in low rates for long-term financing as we look to make our communities even more beautiful and well-appointed for the families that live there.”