Greystone has provided a $27.8 million HUD-insured loan to refinance a 383-unit seniors housing property in Southfield, Michigan. The transaction was originated by Dan Sacks, managing director in Greystone’s New York office, on behalf of Loop Investments.
The $27.8 million HUD Section 223(a)(7) financing replaces an existing FHA loan with a lower, fixed interest rate and a 35-year term and 40-year amortization, in order to increase the property’s cash flow. The property complies with HUD’s Energy Star requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium reduction.
Built in 1970, Solaire Apartments is a pet-friendly community for residents 62 years of age and older. The property features two three-story elevator buildings that offer studio, one-, two-, and three-bedroom units with updated finishes and appliances, spacious closets and private outdoor living spaces.
Residents have access to the community’s clubhouse, fitness centers, swimming pool, picnic and play area, as well as on-site laundry facilities, beauty salon, library and parking. Located just outside of Detroit, the property is close to the area’s shopping, parks and outdoor recreation, arts and entertainment, and the Detroit Metro Airport.