Greystone has provided a Fannie Mae loan to finance the $1.6 million acquisition of Little Creek Apartments in Wayne, Michigan.
Cary Belovicz, Executive Managing Director of Greystone Bel Real Estate Advisors, and John Marr, Managing Director at Greystone, handled the transaction on behalf of the buyer, Josh Sterling.
Little Creek Apartments, constructed in 1996, is a fully-occupied 30-unit community located in the Detroit MSA. The asset received $1.215 million in Fannie Mae financing at 75 percent leverage with a 10-year fixed/10-year ARM loan and a 30-year amortization period. Greystone’s lending services team closed the loan in 68 days.