Greystone Provides $13.9M HUD-Insured Loan for Refinancing of Michigan Affordable Housing Property

by Kristin Harlow

BATTLE CREEK, MICH. — Greystone has provided a $13.9 million HUD 223(f) loan for the refinancing of Bent Tree Apartments in Battle Creek. Constructed in 1981, the 164-unit Section 8 affordable housing property consists of one mid-rise building and 14 two-story buildings. As part of the refinancing, the owner obtained a new 20-year HAP contract for the property. Lisa Fischman of Greystone originated the loan on behalf of the borrower, The Altman Cos. The fixed-rate loan features a 35-year term and a 35-year amortization schedule. Loan proceeds enable the borrower to make improvements to the property and monetize a portion of equity in the property.

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