Chicago & Midwest + Midwest + Finance | April 18, 2019

Greystone Arranges HUD Loan for New Build in Metro Detroit

Greystone has provided a $17,665,500 HUD-insured loan to finance the new construction of 409 on Nine, a 127-unit mixed-use property on Nine Mile Road in Ferndale, MI within the Detroit metro area. The FHA construction-to-perm loan was originated by Greystone’s Lisa M. Fischman, on behalf of Michael Dowdle and Dale Inman of Wolf River Development Company.

The HUD-insured financing for the property located at 371-475 Nine Mile Rd. is a ground-up construction loan that converts to a 40-year permanent, fixed-rate, non-recourse fully amortizing loan after completion and stabilization.

In addition to the planned multifamily component, the four-story, loft-style 409 on Nine will include 5,000 square feet of ground-floor retail space.

“For a developer with such a solid reputation of providing quality housing to resurging neighborhoods in Michigan as Wolf River, the HUD new construction financing is an ideal execution,” said Fischman.

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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 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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