Greystone provides $27.8 million loan for seniors property in Michigan
May 19, 2021
Greystone has provided a $27.8 million HUD-insured loan to refinance a 383-unit seniors housing property in Southfield, Michigan. The transaction was originated by Dan Sacks, managing director in Greystone’s New York office, on behalf of Loop Investments.
The $27.8 million HUD Section 223(a)(7) financing replaces an existing FHA loan with a lower, fixed interest rate and a 35-year term and 40-year amortization, in order to increase the property’s cash flow. The property complies with HUD’s Energy Star requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium reduction.