Greystone has provided an $8.5 million FHA loan for Hawthorn Ridge Apartments, a multifamily complex located in Woodridge. Naftali Schuss, an originator in Greystone’s New York City office, arranged the financing.
Through its relationship with the U.S. Department of Housing and Urban Development’s Chicago office, Greystone was able to get a firm HUD commitment in less than 60 days on the $8.5 million FHA Section 223(f) loan for Hawthorn Ridge Apartments.
Located at 3211 Fox St., Hawthorn Ridge Apartments is a 176-unit multifamily complex, comprised of one- and two-bedroom units. Community amenities include a pool and small park.
“Long-term financing is the ideal solution for many borrowers due to the low interest rate environment,” said Betsy Vartanian, head of Greystone’s FHA business. “We have seen rates increase over the past few months and are encouraging our clients to evaluate their long-term needs and to act quickly.”
