Greystone Provides Michigan Community Financing Multifamily Real Estate News

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gray stone provided $10.8 million in financing for a 200-unit affordable housing community in Saginaw Township, Michigan. HUD 223(f) funds will go toward refinancing the property as well as maintaining the property.

Lisa Fischman, Managing Director of Greystone’s New York office, is behind the financing of Lakeside Village apartments in Saginaw County on behalf of The Altman Cos.

The HUD-insured loan has a 35-year term and amortization and a low fixed rate. The asset is subject to rent restrictions and is eligible for a lower annual mortgage insurance premium of 0.25%.

READ ALSO: One Year Later: The Success of the Greystone-Cushman & Wakefield Joint Venture

Lakeside Village Apartments in Saginaw County was built in 1980. Assets include a three-storey mid-rise building and one-, two-, and three-bedroom townhouses.

Greystone also recently provided funding for a 232-unit asset in Covington, Georgia. Fannie Mae’s $25.3 million loan is for refinancing.

Affordable housing is a necessity

According to National Low Income Housing Coalition, Michigan suffers from a severe shortage of affordable and available rental housing for residents. It is assumed that 203,130 additional units are needed for very low income tenants.

Federal agencies took action this month to increase affordable housing development. The Biden administration released an updated housing supply action plan, adjusting the eligibility criteria for low-income housing tax credits.