Multifamily V Michigan

Greystone provides $1.8 million in financing for Detroit-area apartments

  

Greystone, a real estate lending, investment and advisory company, has provided a $1.8 million Freddie Mac Small Balance Loan to refinance Huron River Apartments in Wyandotte, Michigan. The transaction was handled by Cary Belovicz of Greystone Bel Real Estate Advisors and John Marr of Greystone.

Huron River Apartments, comprising 53 market-rate units, is located 11 miles south of Detroit. Belovicz advised the current owner, Epic Property Management, on the asset’s acquisition in 2015.

The Freddie Mac loan provided by Greystone carries a 20-year term with 10 years fixed and 10 years at an adjustable rate over a 30-year amortization.