Greystar has arranged a $13,880,000 HUD 223(f) loan to refinance Bent Tree Apartments in Battle Creek, MI. The 164-unit affordable housing property was originated by managing director Lisa M. Fischman on behalf of The Altman Companies and constructed in 1981. 100% Section 8 multifamily with one midrise building and 14 two-story buildings consisting of one-, two- and three-bedroom units as well as a community clubhouse, the refinancing included obtaining a new 20 year HAP contract for the property which preserves affordability for long term while allowing qualification for lower annual MIP of 0.25%.
The HUD insured loan carries 35 year term & amortization along with low fixed rate; proceeds also enable borrower to make improvements to the property & monetize portion of their equity therein.
