September 17, 2021

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Mortgage News

Greystone Closes Sale of Affordable Michigan Community

Glen village. Image courtesy Greystone

Greystone Real Estate Advisors has brokered the sale of Village Glen Apartments, an affordable 120 unit property in Traverse City, Michigan.

While working on the seller’s behalf, the company also represented the buyer on the purchase and completion of a $ 13.4 million HUD acquisition loan. Dale Holzer and Kelley Klobetanz, managing directors at Greystone, started the 35-year FHA loan. The property that has benefited from LIHTC financing has an extended deadline to comply with the tax credits until 2040.

Built in 2006, the parish is located at 2937 Glen Drive. The property sits on 15.2 acres in an opportunity zone and offers a mix of studios and two and three bedroom units.

The team that completed the transaction included Greystone Managing Directors Eric Taylor and Aaron Hargrove and Director Matt Yarbrough.

Greystone, which operates across the country, has secured several significant loans in the past few months. The list includes $ 50 million acquisition funding for a Philadelphia Area Church, a $ 94 million home loan for a Apartment building in Newark, NJand a $ 87 million refinancing package for a Maryland suburb.