Greystone Provides $79M FHA Loan for Michigan Portfolio

The portfolio includes both market-rate and affordable housing communities that will be renovated using the funds. Most of the properties are owned by the Altman Cos.
Green Hill at 1010 Eastlawn Drive, Midland, Mich.

Green Hill at 1010 Eastlawn Drive, Midland, Mich.

Greystone issued $79 million in refinancing for a multifamily portfolio in Michigan. This is the last of the 13 Federal Housing Administration loans that the company provided for The Altman Cos., owner of the market-rate and Section 8 properties located throughout the state, from Upper Peninsula to the southeast in Roseville.

“Mr. Altman developed and built all of these communities. I know the families will be very pleased with the extensive renovations, including new windows, exterior doors, playgrounds, kitchens and HVAC systems,” Carol Loveless, senior vice president of Altman Management Co.’s Midwest Division, said in prepared remarks.

The portfolio also includes one residential asset owned by a private real estate group and two affordable housing communities—Charter Square and Green Hill, owned by The Boys & Girls Club Non-Profit Housing Corp.

“Being able to secure long-term, fixed-rate financing for these communities ensures that The Boys & Girls Club assets that we developed will be excellently financially positioned for 30-plus years and will provide important cash flow for their programs serving local boys and girls,” Joel Altman, chairman of The Altman Cos., said in a prepared statement.

Lisa Fischman, originator in Greystone’s Monsey, N.Y., office, completed the refinancing.

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