Greystone Bel Closes Sale of 144-unit Detroit Apartment Building
September 26, 2018
Category: Fannie Mae, Multifamily
Greystone Provides Fannie Mae Green Rewards Financing for Acquisition
Greystone Bel recently closed the sale, with acquisition financing provided by Greystone, of Carlton Apartments, a 144-unit garden-style multifamily property in the Lafayette Park area of Detroit, Michigan.
The Greystone Bel Investment Sales team, led by Cary Belovicz, represented the seller in the sale of the asset to Florida-based Andover Real Estate Partners and Michigan-based The M-Group. The seller commented, “We were very confident in the team at Greystone Bel, and its ability to effectively present this unique opportunity to a high-quality set of local, national and institutional investors.”
Executive Managing Director Cary Belovicz of Greystone Bel and Managing Director John Marr of Greystone secured a 10-year, 4.96% fixed-rate Fannie Mae Green Rewards conventional loan for the buyer. The sale and financing closed on September 21, 2018.
More than 195 groups registered to review the property, with 25 offers made by local, national, and international investors. Mr. Belovicz remarked, “Carlton Apartments’ proximity to Downtown Detroit and its irreplaceable location drove unprecedented interest.”
Built in 1971 and located at 1387 East Larned Street, Carlton Apartments offers studio, one-and two-bedroom floor plans. This central location provides Carlton’s residents with unobstructed views of the Detroit skyline – from the GM Renaissance Center to Greektown Casino – and is within walking distance to upscale restaurants, high-end retail, and the transformative Qline. The city’s diverse employer base of Fortune-500 corporations, world-class centers of education and healthcare, and innovative technology startups are also just steps away from the property.