Greystone Provides $36M for MI Asset

By Timea Matyas

Gables of Troy, MI

Greystone has provided a $36.3 million HUD-insured permanent loan to refinance Gables of Troy, a 544-unit multifamily property in the Detroit metro area. The FHA financing, provided as part of HUD’s green program, reduced the mortgage insurance premium by 35 basis points, resulting in significant interest savings. The 35-year, fully amortizing loan term carries a low, fixed interest rate.

Located at 500 Coachman Drive in Troy, Mich., the community features 544 one- and two-bedroom units and shared amenities such as a clubhouse, swimming pool, tennis courts and covered parking. According to Yardi Matrix, at the time of the transaction Gables of Troy had a 93 percent occupancy rate.

Cary Belovicz and Steve Van Riper of Greystone Bel Real Estate Advisors, and John Marr of Greystone originated the transaction on behalf of property owner, Kaftan Communities.

“Greystone’s assistance in optimizing the performance of this asset has been incredibly valuable. Their knowledge of HUD and the benefits of their green finance program enabled us to take advantage of favorable terms for upgrades we were planning to do regardless, so we are thrilled with the overall outcome of the refinance,” said Jeffrey Kaftan of Kaftan Communities, in a prepared statement.

Image courtesy of Yardi Matrix