Oakdale Square Apartments
Lending - FHA - $6.5M
Greystone provided a $6,525,500 FHA-insured loan to the Justus Companies to refinance Oakdale Square Apartments in Bloomington, IN. The loan was originated by Brian Fintz of Greystone.
The loan carries a 35-year term at a low, fixed interest rate. Loan proceeds will be used toward immediate and future repairs to the property. Oakdale Square Apartments consists of 200 units, many of which are home to Indiana University students, with multiple amenities. The property is in the immediate vicinity of Indiana University, restaurants, theaters and other retail attractions.
“Justus Companies is a fourth generation family business and has been focused on providing quality housing to the Greater Indianapolis area for over a century,” said Mordecai Rosenberg, head of Greystone’s FHA lending group. “As a committed and sophisticated owner/operator of multifamily housing, Justus had sought a loan product that offered the longest low fixed-rate financing available in the market today and the FHA 223(a)(7) was a cost-effective and expeditious way for them to meet that goal.”
Rosenberg added, “While the FHA loan programs completely mitigate the interest rate risk associated with owning a property, many multifamily owners are still scared of the HUD product due to the traditional length and complexity of the HUD underwriting process. That is why Greystone has been laser focused on enhancing our internal processes and technologies to provide a client experience that is markedly easier and faster than that traditionally experienced by a borrower pursuing a HUD-insured loan.”
“Greystone proved itself a trusted partner in this deal,” said Walt Justus, President, Justus Companies. “We were able to lock in low rates for long-term financing which will allow us to meet our objective of channeling money into immediate and future repairs to maintain the property’s attractiveness to both existing and future tenants.”