Greystone, a national commercial real estate finance company, has provided a $13.88 million HUD 223(f) loan to refinance a 164-unit affordable housing property in Battle Creek, Michigan.
The financing was originated by Lisa Fischman, Managing Director at Greystone, on behalf of The Altman Companies.
Constructed in 1981, Bent Tree Apartments in Calhoun County is a 100% Section 8 multifamily property with one midrise building and 14 two-story buildings consisting of one-, two- and three-bedroom units and a community clubhouse. As part of the refinancing, the owner obtained a new 20-year HAP contract for the property, preserving affordability for the long-term and allowing the project to qualify for a lower annual MIP of 0.25%.
The HUD-insured loan carries a 35-year term and amortization along with a low, fixed rate. In addition to refinancing, loan proceeds enable the borrower to make improvements to the property and monetize a portion of their equity in the property.
