Greystone Provides Fannie Mae Green Rewards Financing for Acquisition
Greystone Bel recently closed the sale, with acquisition financing provided by Greystone, of Carlton Apartments, a 144-unit garden-style multifamily property in Detroit, Michigan.
The Greystone Bel Investment Sales team, led by Cary Belovicz, represented the seller in the sale of the asset to Florida-based Andover Partners and Michigan-based The M-Group. The seller commented, “We were very confident in the team at Greystone Bel, and its ability to effectively present this unique opportunity to a high-quality set of local, national and institutional investors.”
Executive Managing Director Cary Belovicz of Greystone Bel and Managing Director John Marr of Greystone secured a 10-year, 4.98% fixed-rate Fannie Mae Green Rewards conventional loan for the buyer. The sale and financing closed on September 21, 2018.
More than 195 groups registered to review the property, with 25 offers made by local, national, and international investors. Mr. Belovicz remarked, “Carlton Apartments’ proximity to Downtown Detroit and its irreplaceable location drove unprecedented interest.”
Built in 1971 and located at 1387 East Larned Street, Carlton Apartments offers studio, one-and two-bedroom floor plans. The property overlooks Lafayette Park, a 46-acre National Historical Landmark. This central location provides Carlton’s residents with unobstructed views of the Detroit skyline – from the GM Renaissance Center to Greektown Casino – and is within walking distance to upscale restaurants, high-end retail, and the transformative Qline. The city's diverse employer base of Fortune-500 corporations, world-class centers of education and healthcare, and innovative technology startups are also just steps away from the property.
About Greystone Bel Real Estate Advisors
Greystone Bel Real Estate Advisors focuses on providing a full range of multifamily advisory services to clients in the Midwest for both market-rate and affordable housing properties. Its Real Estate Advisors team provides services in sales, acquisitions, and a full spectrum of advisory services including debt, acquisition, and investment sales to multifamily, affordable housing and seniors housing owners and investors. For more information, visit www.greystonebel.com and www.greycoadvisors.com.
About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.
