Greystone Secures Financing for Michigan Property

The Aria of Shelby

Greystone has provided a $22.6 million HUD-insured 223(f) loan for the refinancing of a community in Shelby Township, Mich. The community, Aria of Shelby, is owned by Lombardo Homes, according to Yardi Matrix data. The financing was secured on behalf of Aria of Shelby LLC.

The fixed-rate financing carries a 35-year term and amortization. The asset has a NGBS Green Certification and therefore qualified for a mortgage insurance premium of 0.25 percent. Part of the loan will go toward monetizing equity in the property.

The Aria of Shelby was completed in 2020 and was awarded the certificate of occupancy in May of this year. The townhome-style community is comprised of 96 two- and three-bedroom homes. In total, there are 18 buildings.

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Community amenities include a playground and 180 parking spaces, while individual units feature private balcony and patio options. The Aria of Shelby is fully occupied, according to Yardi Matrix data.

Lisa Fischman, with Greystone’s New York Office, originated the financing on behalf of the borrower.

A little over an hour drive northwest of the Aria of Shelby, Greystone financed another multifamily property in Saginaw Township. The $10.8 million in capital, another HUD 223(f) fund, will go toward the refinancing of Lakeside Village Apartments.