Greystone Provides $14 Million in HUD-Insured Financing for a Multifamily Property in Crown Point, Indiana
June 17, 2020
Category: Multifamily, FHA/HUD
Greystone Continues Leadership Position as #1 HUD Lender for Multifamily & Healthcare Properties with Over $1.6 Billion in Loans Funded for the First Half of HUD’s Fiscal Year 2020
Greystone has provided a $14 million FHA-insured loan to refinance a 174-unit multifamily property in Crown Point, Indiana. The transaction was originated by Dan Sacks and Eric Rosenstock, both Managing Directors at Greystone, on behalf of Bayshore Properties.
The $14,000,000 HUD-insured Section 223(f) financing carries a 40-year term and 35-year amortization, along with a low, fixed rate. The property complies with HUD’s Energy Star requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium (MIP) reduction. The refinancing enables the borrower to continue with ongoing maintenance and renovation, and monetize their existing equity.
Originally built in 1978, Cypress Pointe Apartments is a garden-style apartment community featuring six buildings and 174 one, two and three-bedroom units with modern amenities and finishes, walk-in closets, and covered balconies and patios. Residents also have access to a clubhouse and pool, fitness center, playground and detached parking garages. Located in the suburbs of Chicago near Crown Point’s downtown square, the property offers easy access to the Southlake Mall, as well as dining, entertainment and area retailers.
“Especially in challenging market conditions, it takes committed and dedicated efforts from all parties to get transactions over the finish line,” said Mr. Sacks. “We are thrilled that we got another great result for our client, and look forward to more of the same in the future.”
“Greystone’s expertise – particularly the knowledge and tenacity that Dan and Eric bring to the table, is our secret weapon for navigating a tumultuous market,” said Mr. Nick Kozul, principal, Bayshore Properties. “We know we are working with the best, and their execution and results have been proven time and time again.”