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Greystone Provides $28.2 Million in HUD-Insured Financing for Construction of New Multifamily Community in Michigan
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NEW YORK, Aug. 07, 2024 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $28,159,600 HUD-insured 221(d)(4) loan to finance the construction of a 192-unit multifamily community in Traverse City, Blair Township, Michigan. The financing was originated by Brian Jones, Managing Director at Greystone, on behalf of JHT Wallick Holdings LLC.
Corners Crossing is a planned construction project being co-developed by Wallick Communities and Homestretch Nonprofit Housing Corporation. The community will be geared toward middle-income residents, with rents ranging from 80-120% of area median income (AMI). In addition to the $28.2 million FHA loan from Greystone, the property will be financed with funds from the American Rescue Plan Act (ARPA) awarded by Grand Traverse County and the Michigan State Housing Development Authority (MSHDA). Additionally, Blair Township passed its first ever PILOT (Payment in Lieu of Taxes) ordinance for the project which creates a fixed rate for the development’s real estate taxes.
This new $45 million development will have 96 one-bedroom, 78 two-bedroom, and 18 three-bedroom apartment homes. The 192-unit community will include eight, three-story walk-up buildings. Each building will have 24 apartments. Corners Crossing also will have a clubhouse with an on-site management office and resident amenities, including a fitness center, office and computer center and patio. The community also will have a playground and dog park. Construction is anticipated to take approximately 24 months and be completed in Q2 2026.
“The HUD-insured long-term financing is such an ideal option for developers due to its lower rates and longer loan terms, particularly in the face of rising construction costs today,” said Mr. Jones. “As a leading HUD lender for multifamily housing, Greystone has proven time and time again that it is the preferred lender for executing on developers’ visions for new multifamily housing, particular workforce and affordable communities.”
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
[email protected]
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