INDIANAPOLIS, IN- Greystone, a New York-based provider of multifamily and healthcare mortgage loans, just announced the closing of a $34.6 million loan for the Lake Castleton Apartments at 7601 Carlton Arms Dr. in Indianapolis. The Section 223 (a) (7) loan will refinance an existing HUD-insured loan and help keep rents at the 1,261-unit multifamily complex affordable. Tenants can rent apartments for less than $500 per month up to slightly more than $800.
The deal was originated by Greystone's Josh Sasouness.
Greystone officials said they got the loan to insure Lake Castleton in just 44 days. Conditions include a 35-year term and a self-liquidating loan. “It is important that borrowers seeking an FHA-insured loan engage a lender with extensive HUD experience to ensure that the loan is underwritten in accordance with precise FHA guidelines. This will expedite a commitment and ensure an efficient closing process,” said Betsy Vartanian, the head of Greystone's FHA section.
Castleton has joined a growing number of multifamily properties in Indianapolis that have chosen to refinance.
“It's been pretty strong for FHA loans in this market, they're the dominant player,” according to Scott Graber, a senior vice president with Johnson Capital, which specializes in arranging financing through the FHA, Fannie Mae and Freddie Mac. And refinancing these loans has become quite popular around Indianapolis due to “the continued downward pressure on the interest rate attached to FHA loans.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
