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.
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).