Finance

Greystone Offers $11 Million in HUD-Insured Financing for Multifamily Property in Moorhead, Minnesota

NEW YORK, July 14, 2021 (GLOBE NEWSWIRE) — Greystone, a number one nationwide business actual property finance firm, has supplied $11,160,000 in HUD 223(f) financing to refinance a 93-unit multifamily property in Moorhead, Minnesota. The transaction was originated by Dan Sacks and Ilan Bassali of Greystone on behalf of the Northridge Group.

The $11 million HUD-insured mortgage carries a 35-year time period and amortization, together with a low, mounted charge. Constructed in two phases in 2016 and in 2019, South Shore Touchdown I & II Flats consists of 4, indifferent mid-rise elevator buildings providing studio, one-, two- and three-bedroom flats that characteristic trendy home equipment and finishes, in-unit washer/dryers and personal out of doors residing areas. Residents have entry to a clubhouse, health heart, recreation and media room, barbeque and picnic space, pet park and a heated parking storage. The property is near the area’s main employers, procuring, eating and academic facilities, together with Minnesota State College Moorhead campus, and is near main highways that supply handy entry to the Canadian border and Minneapolis.

“There isn’t a larger praise than when our purchasers entrust us with a number of properties of their portfolio,” stated Mr. Bassali. “Greystone strives to be the associate that brings to life our purchasers’ long-term imaginative and prescient for every property, which is why we work exhausting to exceed expectations on each transaction.”

“As soon as once more, our Greystone workforce was in a position to safe the fitting financing for our wants,” stated Ryan Carlson, co-founder and principal of the Northridge Group. “We had been initially drawn to Greystone’s deep multifamily experience and intensive lending platform, however it’s the seamless execution and unparalleled service expertise that retains us coming again.”

About Greystone
Greystone is a non-public nationwide business actual property finance firm with a longtime popularity as a frontrunner in multifamily and healthcare finance, having ranked as a prime FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are supplied by means of Greystone Servicing Firm LLC, Greystone Funding Firm LLC and/or different Greystone associates. For extra info, go to www.greystone.com.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com

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