Greystone Provides $17M HUD Loan for Development of Apartment Community in Lansing, Michigan
LANSING, MICH. — Greystone has provided a $17 million HUD-insured loan for the development of Metro Place Apartments in Lansing. The developer, Y SITE LLC, expects to complete construction of the 145-unit apartment community by the end of 2019. Located at 301 W. Lenawee St., the property will include a mix of studios, one- and two-bedroom units as well as 6,925 square feet of street-level retail space. Lisa Fischman of Greystone originated the loan under the 221(d)(4) construction program. The fixed-rate loan, which is fully amortized over 40 years, provided 80 percent of the project cost and is interest-only during construction. The loan will convert to permanent FHA financing upon completion of the project. Construction is expected to begin this month with the demolition of an existing six-story YMCA building, which has sat vacant since 2003.