Greystone Provides $8.5 Million in Hud Financing for Illinois Multifamily Property
July 30, 2013
Greystone today announced that it has provided a $8.5 million FHA loan for Hawthorn Ridge Apartments, a multifamily complex located in Woodridge, Illinois. Naftali Schuss, an Originator in Greystone’s New York City office, arranged the financing.
Through its strong relationship with the U.S. Department of Housing and Urban Development’s Chicago office, Greystone was able to get a firm HUD commitment in less than 60 days on the $8.5 million FHA Section 223(f) loan for Hawthorn Ridge Apartments.
“We were impressed with Greystone’s FHA and overall multifamily lending record, and we felt confident in their ability to deliver the loan timely and as discussed with no surprises,” said borrowers Steve Cohen and Uri Ranaan. “We have already started working with Greystone again on new financing projects.”
Located at 3211 Fox Street, Hawthorn Ridge Apartments is a 176-unit multifamily complex, comprised of one and two bedroom units. Community amenities include a pool and small park.
“Long-term financing is the ideal solution for many borrowers due to the low interest rate environment,” said Betsy Vartanian, head of Greystone’s FHA business. “We have seen rates increase over the past few months and are encouraging our clients to evaluate their long term needs and to act quickly. With our depth of experience coupled with an array of financing products that we offer, we can provide clients attractive pricing and structure debt tailored to the project’s needs.”
Greystone’s multifamily and healthcare mortgage lending group consists of over 200 individuals located in offices throughout the United States. For more information on Greystone’s financing solutions please visit https://greyco.wpengine.com/multifamily