Greystone Provides $12.8 Million in FHA-insured Loans to the Altman Companies for Trio of Michigan Affordable Housing Properties
October 5, 2015
Greystone announced it has provided three FHA-insured loans totaling $12,800,000 to the Altman Companies to refinance affordable housing communities in Michigan. The loans were originated by Lisa M. Fischman of Greystone.
Totaling 344 units, the three properties were Bent Tree in Battle Creek, MI; The Meadows in Roseville, MI; and Pine Way in Ludington, MI. Closed simultaneously as separate loans, each loan carries a 35-year term at a low, fixed interest rate. Loan proceeds will be used to upgrade the properties with landscaping, new playgrounds and refurbished kitchens and baths.
“Coordinating a trio of HUD closings in one day is no easy feat, but the ability to do so for three affordable housing properties with so many additional moving parts was only possible due to the seamless teamwork between Greystone and The Altman Companies,” said Mordecai Rosenberg, head of Greystone’s FHA lending group. “Altman has an outstanding reputation for developing, owning and operating quality apartment homes and we are delighted to have them as a financing partner.”
“Greystone performed wonderfully for us,” said Joel Altman, Chairman, Altman Companies. “As long term owners, we are thrilled to lock in low rates for long-term financing as we look to make the properties even more beautiful and well-appointed for the families that live there. We view Greystone and FHA’s willingness to make a 35-year commitment on these properties a testament to the Altman Companies’ commitment to providing quality housing in these neighborhoods, well into to the future.”