
Greystone Provides Fannie Mae Green Loan for Lansing-Area Apartments
Greystone has provided a $48,000,000 Fannie Mae Delegated Underwriting & Servicing (DUS) green loan to acquire a 406-unit multifamily property in Okemos, MI. The financing was originated by Richard Kourbage, managing director in Greystone’s New York office, on behalf of the borrower, a joint venture between Gray Capital and LRE Management.
The non-recourse Fannie Mae Multifamily Green Rewards loan carries a 10-year term with full term interest-only payments and 9.5 years of yield maintenance. The financing enables the borrower to make renovations to the property as well as complete the acquisition.
Constructed in 1989, Club Meridian Apartments is a garden-style community consisting of 17 three-story buildings with 120 one-, 284 two- and two three-bedroom units. The property is convenient to many local shops and restaurants as well as Michigan State University and Lansing, the state capital.
- ◦Financing