TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing in Traverse City. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing the 192-unit, $45 million multifamily community. Plans call for 96 one bedrooms, 78 two bedrooms and 18 three-bedroom units across eight buildings. Units will be designated for those earning between 80 and 120 percent of the area median income. Corners Crossing will also feature a clubhouse with an onsite management office and resident amenities, including a fitness center, computer center and patio. Construction is expected to take approximately 24 months and be completed in the second quarter of 2026.
Brian Jones of Greystone originated the loan on behalf of JHT Wallick Holdings LLC. In addition to the loan from Greystone, the property will be financed with funds from the American Rescue Plan Act awarded by Grand Traverse County and the Michigan State Housing Development Authority. Additionally, Blair Township passed its first-ever Payment in Lieu of Taxes ordinance for the project, creating a fixed rate for the development’s real estate taxes.