Greystone Provides $27.5M HUD Loan for Refinancing Canton, Mich., Apartments
- Oct 17, 2014
New York—New York-based financial service and private investment group Greystone has announced that it has provided a $27.53 million HUD loan to Wyndchase Apartments in Canton, Mich., that replaces three separate loans for one long-term, low-rate loan. The 340-unit luxury townhome and apartment community is owned by Singh Development LLC and the 35-year FHA financing transaction was originated by Greystone’s Fred Levine.
“Greystone has been a long-time lending partner of ours for over a decade,” says Mony Malhotra, vice president finance for Singh Development LLC’s signature properties. “We were thrilled to replace three separate loans on three separate phases with one very long-term, low-rate loan through HUD. Greystone’s ability to deliver on all levels with a strong emphasis on building deep relationships with its borrowers is a perfect match for our firm. Singh Development prides itself on building and managing superior multifamily projects and on developing strong bonds with firms like Greystone.”
Wyndchase is part of Singh Development’s signature properties, a portfolio that consists of multifamily and seniors housing in Michigan, North Carolina and Virginia. The community offers a mix of one-, two- and three-bedroom floor plans and an amenities package that includes a fitness center, pool and community clubhouse.
“Even as more lending sources enter the Michigan market today, we’re seeing continual demand for long-term, low-rate FHA financing, which enables property owners to maximize value,” says Betsy Vartanian, an executive vice president of Greystone’s FHA lending group. “Borrowers like Singh Development understand the value that experienced lending partners can deliver, and we will continue to provide the absolute best execution possible.”