Greystone has provided a $17.665 million HUD-insured loan to finance the new construction of 409 on Nine, a 127-unit Green-certified mixed-use property located on Nine Mile Road in Ferndale, Michigan.
The FHA construction-to-perm loan was originated by Lisa Fischman of Greystone on behalf of Michael Dowdle and Dale Inman of Wolf River Development Company.
The HUD-insured financing for the property located at 371-475 Nine Mile Road is a ground-up construction loan that converts to a 40-year permanent, fixed-rate, non-recourse fully amortizing loan after completion and stabilization. HUD insured $6 billion in new construction / substantial rehabilitation (NC/SR) loans in FY2018, of its total $14.7 billion in multifamily initial endorsements. This represents a 62% increase since 2016, when NC/SR volume was just $3.7 billion.
In addition to the planned multifamily component, 409 on Nine will include 5,000 square feet of ground-floor retail space. The four-story loft-style property will also include amenities such as covered parking, a rooftop terrace, dog run, picnic area, and a fitness center, and is situated just two blocks from the Woodward Avenue commerce district with abundant restaurants, nightclubs and retail offerings.
