Greystone Provides Acquisition Financing for $1.6 Million Multifamily Property in Michigan
January 19, 2018
Greystone announced it provided a Fannie Mae loan to finance the $1,612,500 acquisition of Little Creek Apartments in Wayne, MI. The transaction was handled by Cary Belovicz, Executive Managing Director of Greystone Bel Real Estate Advisors and John Marr, Managing Director at Greystone, on behalf of the buyer, Josh Sterling.
Little Creek Apartments, constructed in 1996, is a fully-occupied 30-unit community located in the Detroit MSA. The asset received $1,215,000 in Fannie Mae financing at 75% leverage with a 10-year fixed / 10-year ARM loan and a 30-year amortization period. Greystone’s lending services team was able to close the loan in 68 days.
“We are thrilled to have helped Mr. Sterling with the acquisition financing of Little Creek,” said Mr. Belovicz. “With additional transactions in the pipeline, it’s been a pleasure working with them as they grow their portfolio.”
“It’s a tremendous advantage to have such a variety of real estate advisory and finance options at our fingertips with Greystone as our partner,” said Mr. Sterling.