Greystone Provides $16M HUD Construction Loan for 113-Unit Apartment Complex in Asheville, North Carolina
ASHEVILLE, N.C. — Greystone has provided a $16 million HUD construction loan for White Oak Grove Apartments, a 113-unit apartment complex in Asheville. The borrower and developer is White Oak Grove Associates. The loan provides 85 percent of the project costs and carries a fixed interest rate during the construction period, followed by a 40-year term with amortization. HUD’s 221(d)(4) loan product enables construction or substantial rehabilitation of multifamily projects with long-term, fixed, low-rate financing. The community also will be built to comply with HUD’s Energy Star requirement to achieve a Green Mortgage Insurance Premium (MIP) reduction. The community will consist of 10 garden-style walk-up buildings, with 12 one-bedroom units averaging 743 square feet and 101 two-bedroom units averaging 1,138 square feet. Community amenities will include a fitness room, community room, business center, dog park, picnic areas and green space throughout. The project is planned for completion in 2020.