Greystone Provides $30.9M Construction Loan for Apartment Community in Metro Raleigh

APEX, N.C. — Greystone has provided a $30.9 million loan to developer RST Development LLC for the construction of The Flats at Apex 540, a 212-unit apartment community located in Apex, roughly 15 miles west of Raleigh. The project will include 457 surface parking spaces, 72 detached garage parking spaces, a clubhouse, pool, fitness center, business center, deck area with a cabana and outdoor kitchen, car care facility and a dog park. Donny Rosenberg of Greystone originated the FHA-insured loan using HUD’s 2016 MAP Guide standards for a lower Mortgage Insurance Premium (MIP) threshold based on Green and Energy Efficiency Multifamily Housing requirements. To qualify for the program, a real estate project must produce a Statement of Energy Design Intent (SEDI) score of 75 or higher, and The Flats at Apex 540 produces a SEDI energy score of 82. The financing was fast-tracked by HUD’s Atlanta office, saving RST Development at least four months, according to Greystone. RST Development plans to deliver the asset in mid-2018.