Greystone Real Estate Advisors Sources $26.2 Million Financing for Multifamily Property in New Hudson, Michigan
May 6, 2020
Category: Fannie Mae, Multifamily
Greystone Real Estate Advisors announced it has sourced the financing of a 240-unit multifamily property in New Hudson, MI, and Greystone provided a $26,229,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the transaction. The deal was sourced by Cary Belovicz, executive managing director of Greystone Real Estate Advisors, and the financing was originated by Clint Darby, a managing director in Greystone’s Chicago office.
Built in 2001, Pendleton Park Apartments offers 240 well-appointed, market-rate 1-, 2- and 3-bedroom apartments as well as two-story loft-style apartments. Residents of the pet-friendly community enjoy amenities such as a clubhouse and fitness center, onsite-theatre, drop-off laundry and dry-cleaning services, as well as outdoor recreational facilities such as tennis courts, pool and outdoor kitchen. The property is conveniently located between Ann Arbor and Novi near Interstate 96 in the South Lyon school district, offering easy access to shopping, dining and entertainment, as well as the area’s major employers and universities, including General Motors, Ford, Bosch, DTE, University of Michigan and Oakland Community College.
“We are thrilled that we could help our client with the right solution for this particular asset,” said Mr. Belovicz. “The Greystone team was able to secure the right financing for the acquiring party, and provide end-to-end service throughout the entire journey.”