Greystone Refinances MI Multifamily Asset
- Apr 01, 2019
Greystone has arranged an $11.3 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan for refinancing The Ranches of Rosebrook, a 302-unit multifamily asset in Ypsilanti, Mich. Executive Managing Director Cary Belovicz sourced the transaction while Managing Director John Marr originated the loan. Last fall, the same team worked on arranging a financing loan for the acquisition of Carlton Apartments, a 144-unit garden-style apartment building in downtown Detroit.
The property was already subject to an $8.1 million secured with HomeBanc in 2016, according to Yardi Matrix data. The new mortgage features a 10-year term and 30-year amortization period.
The Ranches of Rosebrook is located at 204 S. Harris Road in an opportunity zone close to Interstate 94 and approximately 4 miles from Eastern Michigan University. The property consists of two-bedroom, two-bathroom units with 650 square feet, with an average price of $780. Amenities include 45 laundry facilities, a playground and 430 parking spaces. In February, the propert was 98 percent occupied.
Completed in 1972, The Ranches sold to ANYI Management Co. in 1999 for $8.7 million, according to Yardi Matrix data. The previous owner was First Baptist Church of Hammond.
The property is less than 20 miles from Detroit Metropolitan Wayne County Airport and 3 miles from the local Willow Run Airport. Downtown Ann Arbor is approximately 10 miles away.