Greystone Provides $23M HUD Loan for FL Development

Viking Cos. will use the funds to build 23 West Apartments, a 176-unit community in Gainesville, Fla. The HUD-insured loan period covers 17 months of construction plus 40 years.

By Laura Calugar

A rendering of 23 West Apartments in Gainesville, Fla.

A rendering of 23 West Apartments in Gainesville, Fla.

Greystone provided $23.5 million in HUD-insured financing for the construction of 23 West Apartments, a 176-unit community planned for Gainesville, Fla. Viking Cos. is the developer of the 15-building property, located in West Alachua County. 

Located at N.W. 23rd Avenue and N.W. 98th Street, the community will be west of Interstate 75, within walkable distance to Fort Clarke Middle School and Hidden Oak Elementary School.  

New-Construction Residential Offering

23 West Apartments is one of the first new-construction multifamily developments planned in the area. The property will include two-story buildings, with a mix of 60 one-, 92 two- and 23 three-bedroom townhome style units. All buildings will have attached garages and additional parking on the almost 20-acre site. Amenities will include a fitness center, a swimming pool, a community room, a picnic and play area, as well as a business center and car care area.

The transaction was originated by Christine Griffin, a managing director in Greystone’s New York office.

“Using this lending platform, borrowers can take advantage of low, fixed-rate construction and long term fully amortizing permanent financing based on expected future rental income,” said Griffin, in a prepared statement.  

Image via Google Maps

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