Greystone Closes Sale and Financing of HUD Multifamily Acquisition in Michigan
NEW YORK, April 27, 2021 (GLOBE NEWSWIRE) Greystone, a leading national commercial real estate finance company, and Greystone Bel Real Estate Advisors, teamed up to close the sale of, and provide financing for, a multifamily property acquisition in Marquette, Michigan. The sale was closed by Cary Belovicz of Greystone Bel, who represented both the seller and buyer, and the 85% LTV financing was originated by John Marr, Managing Director, and Reuben Dolny, Vice President, of Greystone.
The $7.3 million in HUD-insured acquisition financing for
Woodview Village includes a low, fixed rate and 35-year term that is fully amortizing after 35 years. The 124-unit property, located just over a mile from downtown Marquette, is 100% occupied and comprises primarily one- and two-bedroom units. The property, made up of two non-contiguous parcels, is spread over 8.2 acres and 13 total buildings and has been renovat