Greystone Completes Sale of Michigan Affordable Community


Glen Village. Image courtesy of Greystone

Greystone Real Estate Advisors negotiated the sale of Village Glen Apartments, an affordable 120 unit property in Traverse City, Michigan.

While working on behalf of the seller, the company also represented the buyer in the acquisition and closing of a $ 13.4 million HUD acquisition loan. Dale Holzer and Kelley Klobetanz, managing directors of Greystone, originated the 35-year FHA loan. The property, which received LIHTC financing, has an extended tax credit compliance period until 2040.

Built in 2006, the community is located at 2937 Glen Drive. Situated on 15.2 acres in an area of ​​opportunity, the property offers a mix of studio, two and three bedroom units.

The team that closed the transaction included Greystone CEOs Eric Taylor and Aaron Hargrove, as well as director Matt Yarbrough.

Greystone, which is active across the country, has taken out several large loans in the past two months. The list includes $ 50 million in acquisition financing for a Philadelphia-area community, a $ 94 million construction loan for a multi-family project in Newark, N.J., as well as a plan for $ 87 million refinancing for a suburban Maryland asset.