Greystone has provided a $6.5 million FHA-insured loan to the Justus Companies to refinance Oakdale Square Apartments in Bloomington, Indiana.
The loan carries a 35-year term at a low, fixed interest rate. Loan proceeds will be used toward immediate and future repairs to the property.
Oakdale Square Apartments consists of 200 units, many of which are home to Indiana University students, with multiple amenities. The property is in the immediate vicinity of Indiana University, restaurants, theaters and other retail attractions.
Walt Justus, president of Justus Companies, said the company was able to lock in low rates for long-term financing, which will allow them to meet their objective of channeling money into immediate and future repairs to maintain the property’s attractiveness to both existing and future tenants.
The loan was originated by Brian Fintz of Greystone.