Michigan Housing Portfolio
Lending - FHA - $79M
Greystone provided the last of 13 total FHA loans for The Altman Companies, representing $79 million in financing. Lisa Fischman, originator in Greystone’s Monsey, NY office, completed the portfolio refinancing.
The Altman Companies’ communities are a blend of market rate and Section 8 multifamily properties located throughout Michigan from as far north as the Upper Peninsula to the south east in Roseville.
In addition to The Altman Companies-owned properties, the refinanced portfolio includes one property owned by a private real estate group and two affordable housing communities, Charter Square and Green Hill apartments, that are owned by The Boys & Girls Club Non-Profit Housing Corporation, with the proceeds going to The Boys & Girls Club of Lansing. Mr. Kerbawy, chairman of The Boys & Girls Club of Lansing, stated, “Greystone was truly remarkable. The professional quality of cooperation and focus on this mission makes them a highly-valued partner.”
Ms. Fischman noted that, “The timing for each refinance was ideal, as we were able to take advantage of low interest rates while providing a tremendous amount of funding for beautiful upgrades and restorations.”
Carol Loveless, Senior Vice President, Midwest Division, Altman Management Company, added, “Mr. Altman developed and built all of these communities. I know the families will be very pleased with the extensive renovations, including new windows, exterior doors, playgrounds, kitchens and HVAC systems.”
“Over the years, Greystone has proven to be a nimble and reliable partner for both us and the Boys & Girls Club of Lansing,” said Joel Altman, chairman of The Altman Companies. “Being able to secure long-term, fixed-rate financing for these communities ensures that The Boys & Girls Club assets that we developed will be excellently financially positioned for 30-plus years and will provide important cash flow for their programs serving local boys and girls.”