Finance V Michigan

Greystone closes $17 million loan for Lansing apartment project

Greystone closes $17 million loan for Lansing apartment project,ph01

Greystone recently provided a $17 million HUD-insured loan for the development of a 145-unit apartment community to be built blocks from the Capitol building in Lansing, Michigan.

The developer, Y SITE, LLC, is building the 122,130-square-foot property to be National Green Build Standard 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. Etterbeek 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 St. 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.

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.