Greystone Provides $31M in FHA-Insured Financing for North Carolina Development
December 12, 2016
Apex, NC Project Receives Lower MIP Based on 2016 MAP Guide Threshold for Energy Efficiency; Project Fast-Tracked for Financing by Atlanta HUD Office
Greystone announced that it has provided $30,930,200 in FHA-insured financing for the construction of The Flats at Apex 540, a multifamily development project in Apex, NC. The loan was originated by Donny Rosenberg, and utilizes HUD’s 2016 MAP Guide standards for a lower Mortgage Insurance Premium (MIP) threshold based on Green and Energy Efficiency Multifamily Housing requirements.
To qualify for the Green and Energy Efficiency Housing MIP reduction, a real estate project must produce a Statement of Energy Design Intent (SEDI) score of 75 or higher. The Flats at Apex 540, which is being developed by RST Development, LLC, produces a SEDI energy score of 82.
The Flats at Apex 540 will consist of 212 residential units spread across three four-story buildings, as well as 457 surface parking spaces and 72 detached garage parking spaces. The community will also offer a clubhouse with adjacent pool; fitness center; business center; deck area with cabana and outdoor kitchen; car care facility; and dog park. Apex was ranked the #1 Best Place to Live in America by Money Magazine in August 2015, making it an ideal location for a newly constructed residential community. The overall vacancy rate in the local area is just 3.7%.
“Based on the market fundamentals of the region, the reputation of the developer and their extensive experience in HUD financing, this project was fast-tracked by the Atlanta HUD office for a straight-to-firm commitment submission instead of the typical two-stage process, meaning loan commitment is expedited by at least four months,” said Phiet Nguyen, Deputy Chief FHA Underwriter and head of the 221d4 underwriting team at Greystone. “With this outcome spearheaded by Greystone, the borrower will realize an even faster timeline to Project delivery.”