Greystone has arranged a $23.452 million HUD-insured construction loan on behalf of Viking Companies for a multifamily community in Gainesville, FL. The project, 23 West Apartments, will be located west of I-75. The townhome style property will encompass 15 2-story buildings with a mix of 60 one-bedroom, 92 two-bedroom, and 23 three-bedroom units. Community amenities include a fitness center, swimming pool and car care area. The HUD-insured loan period covers 17 months of construction plus 40 years. The transaction was originated by Christine Griffin, a Managing Director in Greystone’s New York office.
“Having developed a number of student housing and large commercial properties in the Gainesville area, this transaction marks the borrower’s first foray into market rate multifamily development,” said Griffin. “Using this lending platform, borrowers can take advantage of low, fixed-rate construction and long term fully amortizing permanent financing based on expected future rental income,” she added.
Robert McLean
