Greystone Provides $36.3 Million HUD-Insured Green Rewards Loan for Michigan Multifamily Property
May 14, 2018
Category: Multifamily, FHA/HUD
Greystone announced it has provided a $36,320,000 HUD-insured permanent loan to refinance Gables of Troy, a 544-unit multifamily property in Troy, MI. The transaction was originated by Cary Belovicz and Steve Van Riper of Greystone Bel Real Estate Advisors, and John Marr of Greystone, on behalf of Kaftan Communities.
The FHA financing, provided as part of HUD’s green program, reduced MIP by 35 basis points, resulting in significant interest savings. The 35-year fully amortizing loan term carries a low, fixed interest rate.
Gables of Troy, a market-rate multifamily community, features a number of attractive community amenities including a clubhouse with sprawling swimming pool, hot tub, tennis and racquetball courts, fitness center, covered parking, and controlled access to the community.
“Greystone’s assistance in optimizing the performance of this asset has been incredibly valuable,” said Jeffrey Kaftan of Kaftan Communities. “Their knowledge of HUD and the benefits of their green finance program enabled us to take advantage of favorable terms for upgrades we were planning to do regardless, so we are thrilled with the overall outcome of the refinance.”
“We strive to provide our clients with a full-service experience that may include sale, acquisition, or refinancing strategies to best meet their needs,” said Mr. Belovicz. “With Greystone’s position as the #1 HUD multifamily lender in the country, we take pride in our knowledge and ability to execute this attractive solution for clients.”