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Greystone Provides $16.8M Under HUD Green Financing Program
Greystone provided a $16.8 million HUD LEAN 232/223(f) green loan to refinance a 102-unit supportive living facility in Rolling Meadows, Illinois. Financing was originated by Adam Lipkin, Vice President, and Michael Zukerman, Managing Director, of Greystone, with Brent Connell of Geneva Capital acting as correspondent on the transaction.
Plum Creek at Rolling Meadows is a three-story facility, constructed in 1986 as a hotel property and converted into a living facility in 2006. With the 35-year self-amortizing refinancing, the owner committed to implementing “green” improvements to result in an estimated 15% in energy savings and 10% in water savings annually, for a projected savings of over $20,000 per year.
“HUD’s new green financing program for senior housing is an excellent option to reduce debt service by making environmentally-friendly improvements, all the while benefiting from the long-standing advantages of a non-recourse FHA-insured loan – longer loan terms and amortizations, greater proceeds, and lower interest rates overall,” said Lipkin.
