Greystone has provided $11.16 million in HUD 223(f) financing to refinance a 93-unit multifamily property in Moorhead, Minnesota.
The transaction was originated by Dan Sacks and Ilan Bassali of Greystone on behalf of the Northridge Group.
The $11 million HUD-insured loan carries a 35-year term and amortization, along with a low, fixed rate. Constructed in two phases in 2016 and in 2019, South Shore Landing I & II Apartments consists of four, detached mid-rise elevator buildings offering studio, one-, two- and three-bedroom apartments that feature modern appliances and finishes, in-unit washer/dryers and private outdoor living spaces.
Residents have access to a clubhouse, fitness center, game and media room, barbeque and picnic area, pet park and a heated parking garage. The property is close to the region’s major employers, shopping, dining and educational centers, including Minnesota State University Moorhead campus, and is close to major highways that offer convenient access to the Canadian border and Minneapolis.