New York-based multifamily and healthcare lender Greystone provided a $27.5 million HUD loan to Michigan and North Carolina-based multifamily developer Singh Development to refinance a 340-unit apartment community in Canton, Mich., Mortgage Observer has first learned.
Greystone’s Fred Levine originated the 35-year, low-rate financing on Wyndchase Apartments, a luxury townhome and apartment complex located at 41376 Williamsburg Boulevard.
The debt replaces three loans on three separate phases of development on the property, which began in 1999 and concluded in 2003, said Mony Malhotra, a vice president at Singh Development in charge of finance.
“Greystone has been a long-time lending partner of ours for over a decade,” Mr. Malhotra said in a prepared statement. “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.”
Wyndchase Apartments contains one-, two- and three-bedroom apartment units along with a fitness center, pool and community clubhouse. Rents for available two and three-bedroom units at the complex run between $1,370 and $1,640, according to the property’s website.
“Banks are increasingly returning to the [Michigan] market and the lending landscape is becoming more competitive overall,” Betsy Vartanian, an executive vice president of Greystone’s FHA lending group, told MO. “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,” she said.
Greystone ranked no. 1 in combined multifamily and healthcare FHA lending as of Sept. 20, 2013, according to HUD.