gray stone provided a $22.6 million HUD-insured 223(f) loan to refinance a community in Shelby Township, Michigan. The community, Aria of Shelby, is owned by Lombardo Houses, according to Yardi Matrix data. Funding was secured on behalf of Aria by Shelby LLC.
Fixed rate financing has a term and amortization of 35 years. The asset has a NGBS Green certification and therefore qualified for a mortgage insurance premium of 0.25%. A portion of the loan will be used to monetize the equity in the property.
The Aria of Shelby was completed in 2020 and received Certificate of Occupancy in May this year. The townhouse-style community is made up of 96 two- and three-bedroom homes. In total there are 18 buildings.
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Community facilities include a playground and 180 parking spaces, while individual units have private balcony and patio options. The Aria of Shelby is fully occupied, according to Yardi Matrix data.
Lisa Fischman of Greystone’s New York office initiated the financing on behalf of the borrower.
Just over an hour’s drive northwest of the Aria of Shelby, Greystone has financed another multi-family property in Saginaw Township. The $10.8 million principal, another HUD 223(f) fund, will go towards the refinancing of Lakeside Village Apartments.