Greystone provided a total of $46.51 million in Fannie Mae DUS financing to refinance two multifamily properties in the suburbs of the Detroit metropolitan area. Both transactions were originated by Fred Levine, managing director in Greystone’s Monsey, New York, office, on behalf of longtime client Singh Development Company.
A $27 million Fannie Mae DUS loan to refinance Main Street Village Phase II, located at 25300 Constitution in Novi, Michigan, includes a 10-year term and a low fixed rate. Built in 2003, the community offers 148 garden style units; recreational facilities that include a pool, spa, fitness center, playground and clubhouse; and a business center.
The second Fannie Mae DUS loan for $19.51 million was provided to refinance Brandywine Apartments, built in 2002. Located at 7950 Brandywine Blvd. in West Bloomfield Township, Michigan, the community consists of 121 units and features amenities such as a clubhouse, pool, spa, business center, playground and onsite parking that includes two-car garages.
For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.
