HUD Financing Arranged by Greystar on Battle Creek Section 8 Apartments

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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