Greystone Closes Sale of Affordable Michigan Community
Located in an Opportunity Zone, the property came online in 2006.
Village Glen. Image courtesy of Greystone
Greystone Real Estate Advisors has brokered the sale of Village Glen Apartments, a 120-unit affordable property in Traverse City, Mich.
While working on behalf of the seller, the company also represented the buyer in acquiring and closing on a $13.4 million HUD acquisition loan. Dale Holzer and Kelley Klobetanz, managing directors with Greystone, originated the 35-year FHA loan. The property, which benefitted from LIHTC funding, has an extended tax credit compliance period through 2040.
Built in 2006, the community is located at 2937 Glen Drive. Situated on 15.2 acres in an Opportunity Zone, the property features a mix of studios and two- and three-bedroom units.
The team that closed on the transaction included Greystone Managing Directors Eric Taylor and Aaron Hargrove, as well as Director Matt Yarbrough.
Greystone, which is active across the country, has closed on several significant loans in the past couple of months. The list includes $50 million in acquisition financing for a Philadelphia-area community, a $94 million construction loan for a multifamily project in Newark, N.J., as well as an $87 million refinancing package for a suburban Maryland asset.
