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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.
- ◦Acquisition


