Greystone Provides $17 Million in Freddie Mac Financing for 222-Unit The Shores of Lake St. Clair Apartment Community in Detroit Area
NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided $17,244,000 in Freddie Mac financing for the acquisition of a 222-unit multifamily property in Harrison Charter Township, Michigan. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, on behalf of Lightstone. The non-recourse $17.2 million Freddie Mac loan carries a fixed rate with a 10-year term and 30-year amortization, with five years of interest-only payments. In addition to the acquisition, loan proceeds will be used for capital expenditures and p...