Greystone has provided a $22.5 million FHA-insured loan to refinance Grand Island Apartments, a 204-unit multifamily property in Memphis.
The loan was closed in under seven months through Fast-Track HUD processing. Jason Stein and Clint Darby of Greystone originated the loan.
The HUD loan carries both a 35-year term and 35-year amortization with a low interest rate.
Grand Island Apartments is a gated apartment community on coastal Mud Island in downtown Memphis with luxury amenities including a clubhouse, swimming pool, fitness center and movie theater.
