Greystone Refinances 452-unit Michigan Multifamily Property for $24.2 Million
July 29, 2014
Greystone announced it provided $24,150,000 to refinance Meadowood Townhomes in Canton, Mich. The loan was originated by John Marr of Greystone and delivered to Fannie Mae under its Delegated Underwriting and Servicing (DUS®) program.
The loan terms include 10-year fixed-rate financing with 30-year amortization. Meadowood Townhomes is a sprawling 452-unit community comprising two- and three-bedroom townhomes and one-bedroom ranch style units.
“We turned to a lender we trusted above all else in execution and service so that we could refinance one of our core portfolio properties,” said Howard Jacobson of Jacobson Brothers in Birmingham, Mich. “Lowering our debt service while being able to upgrade the property made securing this financing incredibly gratifying,” he added.
“Greystone’s multifamily lending expertise enables us to satisfy borrowers’ needs in any geographic market, and we thrive on exceeding expectations from origination to closing,” said Joe Mosley, Executive Vice President and Head of Agency Production at Greystone.