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Chicago & Midwest  + Midwest  + Apartments  | 

Greystone, Greystone Bel Team on HUD Financing for Michigan Apartments

Greystone and Greystone Bel Real Estate Advisors teamed to close the sale of, and provide financing for, Woodview Village, a multifamily property acquisition in Marquette, MI. The sale to Cape Sierra Capital was closed by Greystone Bel’s Cary Belovicz, representing both seller and buyer, while the 85% LTV financing was originated by Greystone’s John Marr and Reuben Dolny.

The $7.3 million in HUD-insured acquisition financing includes a low, fixed rate and 35-year term. The 124-unit property qualified for HUD’s Green Mortgage Insurance Premium (MIP) program for an even lower interest rate.

“It’s unique to complete a HUD acquisition loan, given the timeline to close can be a bit longer than is desired for a sale, but the buyer was flexible, and with today’s market conditions changing on a dime and the additional savings from Green MIP, it absolutely worked in their favor,” said Marr.

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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).

  • ◦Acquisition
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