Greystone Provides $32 Million in HUD-Insured Green Financing for a Multifamily Property in Plainfield, Indiana
December 3, 2018
Category: Multifamily, FHA/HUD
Greystone announced it has provided a $32,272,000 HUD-insured loan to refinance Central Park Metropolis, a 304-unit multifamily property in Plainfield, Indiana. The transaction was originated by Eric Rosenstock of Greystone’s New York office.
Located in the heart of Plainfield, Central Park Metropolis offers luxury one, two, and three-bedroom units located next to the Metropolis Mall, the area’s premier shopping, dining, and entertainment center. Built in 2006, some of the pet-friendly property’s features include a well-appointed pool, fitness center, business center, café and private movie screening room. Residents enjoy attached garages, chef-caliber kitchens, fireplaces, walk-in closets, and other high-end finishes.
“Greystone’s team gave us a stellar execution throughout the entire process,” said Muhamed Becovic, President of Becovic Management. “This refinance demonstrates Becovic Management’s commitment in the multifamily space and together with Greystone, we hope to continue to make smart investments in increasingly strong performing markets.”
The non-recourse 35-year $32,272,000 million HUD-insured loan features a fixed, low interest rate, and qualifies for HUD’s green mortgage insurance premium (MIP) rate-reduction program.
“Our client really wanted to ‘go green’ with this refinancing and had full confidence in Greystone’s ability to get the right financing terms because of our unparalleled expertise with FHA/HUD lending,” said Mr. Rosenstock. “Our ability to deliver, and our unwavering attention to detail and process mean we can exceed client expectations when it comes to service and execution.”
Becovic Management Group is a full-service property management company that specializes in unique multifamily living communities that offer a wide array of amenities and residential services.