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. Constructed in 1981 and consisting of one midrise building and 14 two-story buildings with one-, two- and three-bedroom units plus a community clubhouse, the property is 100% Section 8 subsidized with a new 20 year HAP contract that allows for an annual MIP of 0.25%.
The HUD insured loan carries 35 years term/amortization along with low fixed rate financing which also enables the borrower to make improvements to the property as well as monetize some equity from it. This refinancing preserves affordability for long term while providing necessary capital upgrades at Bent Tree Apartments in Battle Creek MI
