Greystone Provides $46.5M Refinancing for Two Multifamily Properties in Suburban Detroit
NOVI AND WEST BLOOMFIELD TOWNSHIP, MICH. — Greystone has provided a total of $46.5 million for the refinancing of two multifamily properties in suburban Detroit. Fred Levine of Greystone originated both Fannie Mae loans on behalf of the borrower, Singh Development Co. A $27 million, 10-year loan will be used to refinance Main Street Village Phase II in Novi. Built in 2003, the community features 148 garden-style units as well as a pool, spa, fitness center, playground, clubhouse and business center. A $19.5 million loan will be used to refinance Brandywine Apartments in West Bloomfield Township. Built in 2002, the 121-unit community features the same amenities as Main Street Village. For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.