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Chicago & Midwest  + Midwest  + Finance  | 

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.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
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