Greystone Provides $17 Million in HUD-Insured Financing for New Green Certified Multifamily Construction in Downtown Lansing, Michigan


NEW YORK, Sept. 12, 2018 (GLOBE NEWSWIRE) -- Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $17 million HUD-insured loan for the development of a 145-unit apartment community to be built blocks from the state’s Capitol building in Lansing, Michigan. The developer, Y SITE, LLC, is building the 122,130 square foot property to be National Green Build Standard (NGBS) certified and expects construction to be completed by the end of 2019. LR Management, led by Leslie Etterbeek, is the management company for the development, and she will serve as the property manager upon completion. Michigan Economic Development Corporation is also an equity partner in the property.

Metro Place Apartments will be located at 301 W. Lenawee Street near Townsend Street and Reutter Park, and will include studios, one- and two-bedroom market-rate rental units with 6,925 square feet of retail space on the street level, as well as on-site parking.

Greystone’s Lisa Fischman originated the loan under the HUD-insured 221 (D)(4) construction program providing a 40-year fully amortized loan with a low, fixed interest rate locked before closing. This loan provided 80 percent of the project costs and is interest-only during construction, with conversion to permanent FHA financing upon completion.

“We came to Greystone with a complex and complicated project, not only from a lending perspective but also from an incentive perspective, and found that the Greystone team was up to the challenge. Greystone grasped our vision immediately, tackled our obstacles and found opportunities where others had no solutions,” said Julie Lawton-Essa, owner of Y SITE, LLC, which acquired the property in 2007. “It has been our dream for over a decade to build this apartment community and bring new life and vitality into downtown Lansing. Working with partners who share our enthusiasm is an amazing and rewarding process.”

The 15-month project kicks off in September 2018 with the demolition of the property’s existing six-story YMCA building, which has sat abandoned since 2003.

As the state’s capital, Lansing is attracting young urban professionals who want to be close to work, entertainment and activities. Metro Place Apartments is located just a few blocks from the Capitol building, the courthouse, law firms and other employers. 

“This deal exemplifies Greystone’s creativity and expertise at its best – our knowledge of the HUD finance process and 30 years of experience give us a deep understanding of how to structure complicated transactions,” said Ms. Fischman. “We know what it takes to get a deal done and we work closely with HUD to find the right way to do it.”

About Greystone
Greystone is a real estate lending, investment, and advisory company with an established reputation as a leader in multifamily and healthcare finance. Its range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge, EB-5 and other 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.

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