Greystone Provides $46.5 Million in Fannie Mae Financing for Michigan MF Assets
Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.
NOVI AND WEST BLOOMFIELD, MI—New York-based Greystone, a commercial real estate lending, investment, and advisory company, is providing $46.51 million in Fannie Mae DUS financing to refinance two multifamily properties in the suburbs of the Detroit metropolitan area. Both transactions were originated by Fred Levine, managing director in Greystone’s Monsey, NY office, on behalf of its longtime client, Raleigh, NC-based Singh Development Company.
“Good business is about relationships – not just deals. The borrower has placed their trust in us for over 18 years, and we will continue to work tirelessly to ensure we continue to provide them with world-class service and execution,” says Levine.
A $27 million Fannie Mae DUS loan to refinance Main Street Village Phase II, located at 25300 Constitution in Novi, MI, includes a 10-year term and a low, fixed rate. Built in 2003, the community offers 148 garden style units, recreational facilities that include a pool, spa, fitness center, playground and clubhouse, and a business center.
The second Fannie Mae DUS loan, for $19.51 million, will refinance Brandywine Apartments, 7950 Brandywine Boulevard in West Bloomfield Township, MI, built in 2002. The community consists of 121 units and features amenities such as a clubhouse, pool, spa, business center and playground, and onsite parking that includes two-car garages.
For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.
“Greystone delivers for us again and again,” says Mony Grewal, vice president of finance, Singh Development. “I’m confident when I call Fred and the Greystone team that they will deliver.”
Now in its 45th year, Singh Development is a family-owned business based out of Michigan and North Carolina. The company builds, owns and manages a large portfolio of class A multifamily, office and Waltonwood Senior Living Communities.