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.
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