NEW YORK, Oct. 12, 2022 (GLOBE NEWSWIRE) — Greystone, a number one nationwide business actual property finance firm, has offered $10,800,000 in HUD 223(f) financing to refinance a 200-unit reasonably priced housing neighborhood in Saginaw Township, Michigan. The transaction was originated by Lisa M. Fischman, Managing Director in Greystone’s New York workplace on behalf of The Altman Companies, a repeat Greystone consumer.
Constructed in 1980, Lakeside Village Apartments in Saginaw County consists of 1 mid-rise elevator constructing and townhomes with one-, two-, and three-bedroom models. The $10,800,000 HUD-insured mortgage carries a 35-year time period and amortization together with a low, fastened fee. The property qualifies for a decrease annual Mortgage Insurance Premium (MIP) of 0.25% as a result of it’s rent-restricted. In addition to refinancing, mortgage proceeds allow the borrower to proceed with ongoing property upkeep.
“Our deep multifamily lending platform and FHA expertise means that our clients can get the financing they need to provide quality housing for communities across the country,” mentioned Ms. Fischman. “Our clients trust Greystone as a true partner because we provide the right solutions and exceed their service expectations on every transaction.”
“We rely on Greystone because we know that no one else will work more creatively or tirelessly on our behalf to achieve our desired outcome, as has been proven over and over again,” mentioned Mr. Joel L. Altman, principal of the borrower. “We’ve been in this industry for a long time and can say with confidence that Greystone’s extensive experience and passion for affordable housing makes them truly best-in-class when it comes to multifamily finance.”
About Greystone
Greystone is a non-public nationwide business actual property finance firm with a longtime status as a pacesetter in multifamily and healthcare finance, having ranked as a high FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are provided via Greystone Servicing Company LLC, Greystone Funding Company LLC and/or different Greystone associates. For extra data, go to www.greystone.com.
About The Altman Companies
Since 1968, The Altman Companies has developed, constructed, acquired, and managed over 27,000 multi-family properties in Florida, Michigan, Illinois, Tennessee, Georgia, Texas, and North Carolina. The firm has distinguished itself by creating boutique mid-rise and garden-style communities beneath its Altís model with resort-style facilities and high-touch companies, delivering with it ‘Exceptional Living Experiences’ for its residents. Known for its growth of outstanding condominium residing, The Altman Companies has been a pacesetter in the rental condominium subject and has been acknowledged because the South Florida Developer of the Year by South Florida Business Journal. For extra data on The Altman Companies, go to www.AltmanCos.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
[email protected]
