Greystone Completes $79 Million in FHA Financing for The Altman Companies’ Michigan Housing Portfolio
June 28, 2017
Greystone announced it has provided the last of 13 total FHA loans for The Altman Companies, representing $79 million in financing. Lisa Fischman, originator in Greystone’s Monsey, NY office, completed the portfolio refinancing.
The Altman Companies’ communities are a blend of market rate and Section 8 multifamily properties located throughout Michigan from as far north as the Upper Peninsula to the south east in Roseville.
In addition to The Altman Companies-owned properties, the refinanced portfolio includes one property owned by a private real estate group and two affordable housing communities, Charter Square and Green Hill apartments, that are owned by The Boys & Girls Club Non-Profit Housing Corporation, with the proceeds going to The Boys & Girls Club of Lansing. Mr. Kerbawy, chairman of The Boys & Girls Club of Lansing, stated, “Greystone was truly remarkable. The professional quality of cooperation and focus on this mission makes them a highly-valued partner.”
Ms. Fischman noted that, “The timing for each refinance was ideal, as we were able to take advantage of low interest rates while providing a tremendous amount of funding for beautiful upgrades and restorations.”
Carol Loveless, Senior Vice President, Midwest Division, Altman Management Company, added, “Mr. Altman developed and built all of these communities. I know the families will be very pleased with the extensive renovations, including new windows, exterior doors, playgrounds, kitchens and HVAC systems.”
“Over the years, Greystone has proven to be a nimble and reliable partner for both us and the Boys & Girls Club of Lansing,” said Joel Altman, chairman of The Altman Companies. “Being able to secure long-term, fixed-rate financing for these communities ensures that The Boys & Girls Club assets that we developed will be excellently financially positioned for 30-plus years and will provide important cash flow for their programs serving local boys and girls.”