Greystone, a real estate lending, investment and advisory company, provided a $36.3 million HUD-insured permanent loan to refinance Gables of Troy, a 544-unit multifamily property in Troy, Michigan.
The transaction was originated by Cary Belovicz and Steve Van Riper of Greystone Bel Real Estate Advisors, and John Marr of Greystone, on behalf of Kaftan Communities.
The FHA financing, provided as part of HUD’s green program, reduced MIP by 35 basis points, resulting in significant interest savings. The 35-year fully amortizing loan term carries a low, fixed interest rate.
Gables of Troy, a market-rate multifamily community, features a number of attractive community amenities including a clubhouse with sprawling swimming pool, hot tub, tennis and racquetball courts, fitness center, covered parking and controlled access to the community.