Detroit-Area Communities Receive $47M Financing

Main Street Village

Greystone has provided a $46.5 million loan to refinance two multifamily properties in Novi and West Bloomfield, in Detroit’s northwest metro area. The Fannie Mae DUS refinancing includes a 10-year term and a low, fixed rate. For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program. The properties, which are within 7 miles of each other, are owned and managed by Singh Development Co., who unveiled plans for a mixed-use development in Royal Oak, Mich. earlier this year.

Located at 25300 Constitution in Novi, Main Street Village Phase II has received a $27 million Fannie Mae DUS refinance loan. Completed in 2003, Phase II of the community offers 148 two- and three-bedroom garden-style units. Common-area amenities include a swimming pool, spa, fitness center, playground, clubhouse and a business center. The asset is within walking distance of several dining and retail venues and Twelve Oaks Mall is within 3 miles. Nearby interstates 96, 275 and 696 provide easy access to downtown Detroit.

Brandywine Apartments

The 121-unit Brandywine Apartments on 7950 Brandywine Blvd. in West Bloomfield has received a $19.5 million refinancing. Completed in 2002, the property encompasses two- and three-bedroom units averaging 1,959 square feet. Amenities include a swimming pool, spa, business center, clubhouse, playground and onsite parking that includes two-car garages.

Fred Levine, managing director in Greystone’s Monsey, N.Y. office, originated both transactions on behalf of the owner.

Images courtesy of Yardi Matrix