GRAND RAPIDS, MI—Greystone, the New York-based lending and investment firm, has just provided a $25,058,000 Fannie Mae DUS® loan to refinance Hidden Lakes Apartments in Kentwood, MI, a suburb of Grand Rapids. Alliance Management has begun renovating the 384-unit property, and this loan will help it remain competitive in a multifamily market registering historically low vacancy and healthy rent growth.
The transaction was originated by John Marr, a managing director at Greystone, on behalf of Alliance.
“When the Grand Rapids multifamily market showed strengthening two years ago, the owner began an extensive property upgrade funded from cash flow,” Marr tells GlobeSt.com. “This was really well received, so it was expanded beyond the initial scope, causing a reduction in partners' distributions. The new loans enabled the owner to make the deferred as well as additional distributions to the partners and also continue the upgrade program, which further increases the value of their property.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
