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| Betsy Vartarian |
NEW YORK, NY, Oct.
15, 2014 – Greystone, a leading national provider of multifamily and healthcare
mortgage loans, today announced it provided a $27,534,300 HUD loan to refinance
a 340-unit apartment community in Canton, Mich. The transaction was originated
by Fred Levine.
The 35-year FHA financing was provided for Wyndchase
Apartments, a luxury townhome and apartment complex offering one-, two-,
and three-bedroom units and amenities such as a fitness center, pool, and
community clubhouse.
One of Singh Development LLC’s signature properties,
Wyndchase is part of a portfolio of multifamily and seniors housing holdings
across Michigan, North Carolina and Virginia.
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| Mony Malhotra |
“Greystone has been
a long-time lending partner of ours for over a decade.
"We were thrilled to replace three separate
loans on three separate phases with one very long-term, low rate loan through
HUD,” said Mony Malhotra, VP Finance for Singh Development LLC.
“Greystone’s ability to deliver on all levels with a strong
emphasis on building deep relationships with its borrowers is a perfect match
for our firm.
"Singh Development prides itself on building and managing superior
multifamily projects and on developing strong bonds with firms like Greystone.”
“Even as more
lending sources enter the Michigan market today, we’re seeing continual demand
for long-term, low rate FHA financing, which enables property owners to
maximize value, said Betsy Vartanian, an executive vice president of
Greystone’s FHA lending group.
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| WyndChase Apartments, Canton, MI |
“Borrowers like Singh Development understand the value that
experienced lending partners can deliver, and we will continue to provide the
absolute best execution possible,”
Greystone provides mortgage finance solutions across
multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge,
mezzanine and other proprietary loan programs.
In 2013, Greystone ranked #1 in combined multifamily and
healthcare FHA lending, #3 in Affordable Housing volume as a Fannie Mae DUS
lender, and as a top-5 Freddie Mac lender for seniors housing.
For a complete copy of the company’s news release, please
contact:
Karen Marotta
PR Manager
Greystone
152 W. 57th Street
New York, NY 10019
212-896-9149 direct
917-902-7073 mobile
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