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HUD Loan Makes Lansing Developer’s 10-Year Dream a Reality
Greystone has provided a $17-million HUD-insured loan for a 145-unit apartment community to be built blocks from the Michigan state capitol building in Lansing. The firm’s Lisa Fischman originated the 40-year amortized loan, which provides 80% of the project’s costs.
The developer, Y Site LLC, is building the 122,130-square-foot Metro Place Apartments with a view toward completing it by the end of 2019. Y Site acquired the property, a former YMCA, in 2007.
Owner Julie Lawton-Essa observed, “It has been our dream for over a decade to build this apartment community, and bring new life and vitality into downtown Lansing. Working with partners who share our enthusiasm is an amazing and rewarding process.”
LR Management, led by Leslie Etterbeek, is the management company for the development, and Etterbeek will serve as the property manager upon completion. Michigan Economic Development Corporation is also an equity partner in the property.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development

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