Greystone Provides $46.5 Million in Fannie Mae Green Rewards Financing for Multifamily Portfolio in Michigan
November 8, 2018
Greystone announced it has provided a total of $46,510,000 in Fannie Mae DUS financing to refinance two multifamily properties in the suburbs of the Detroit metropolitan area. Both transactions were originated by Fred Levine, managing director in Greystone’s Monsey, NY office, on behalf of longtime client Singh Development Company.
A $27,000,000 Fannie Mae DUS loan to refinance Main Street Village Phase II, located at 25300 Constitution in Novi, MI, includes a 10-year term and a low, fixed rate. Built in 2003, the community offers 148 garden style units, recreational facilities that include a pool, spa, fitness center, playground and clubhouse, and a business center.
The second Fannie Mae DUS loan, in the amount of $19,510,000 was provided to refinance Brandywine Apartments, built in 2002. Located at 7950 Brandywine Boulevard in West Bloomfield Township, MI, the community consists of 121 units and features amenities such as a clubhouse, pool, spa, business center and playground, and onsite parking that includes two-car garages.
For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.
“Good business is about relationships – not just deals. The borrower has placed their trust in us for over 18 years, and we will continue to work tirelessly to ensure we continue to provide them with world-class service and execution,” said Mr. Levine.
“Greystone delivers for us again and again,” said Mony Grewal, Vice President of Finance, Singh Development. “I’m confident when I call Fred and the Greystone team that they will deliver.”
Now in its 45th year, Singh Development is a family-owned business based out of Michigan and North Carolina. The company builds, owns and manages a large portfolio of Class A multifamily, office and Waltonwood Senior Living Communities.