Chicago & Midwest + Midwest + Finance | April 18, 2023

Greystone Arranges HUD Financing on Battle Creek Section 8 Apartments

Greystone has provided a $13,880,000 HUD 223(f) loan to refinance a 164-unit affordable housing property in Battle Creek, MI. The financing was originated by managing director Lisa M. Fischman on behalf of The Altman Companies.

Constructed in 1981, Bent Tree Apartments in Calhoun County is a 100% Section 8 multifamily property with one midrise building and 14 two-story buildings consisting of one-, two- and three-bedroom units and a community clubhouse. As part of the refinancing, the owner obtained a new 20-year HAP contract for the property, preserving affordability for the long-term and allowing the project to qualify for a lower annual MIP of 0.25%.

The HUD-insured loan carries a 35-year term and amortization along with a low, fixed rate. Along with refinancing, loan proceeds enable the borrower to make improvements to the property and monetize a portion of their equity in the property.

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Greystone's Fischman

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).

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