Greystone, a leading national commercial real estate finance company, provided a total of $38.8 million in HUD-insured financing for two multifamily properties in Berkeley County just north of Charleston, S.C., according to a company release.
The transaction was originated by Kelley Klobetanz of Greystone.
South Pointe Apartments, a 256-unit multifamily complex located in Hanahan, S.C., was refinanced with a $27 million HUD 223(f) loan. The loan will provide over $1.6 million for property repairs to improve residents’ quality of life on top of $1.8 million invested in capital expenditures prior to the refinance, the release stated.
Rosewood Townhomes, a 100-unit multifamily complex located in Goose Creek, S.C., was refinanced with an $11.8 million HUD 223(f) loan. The property will benefit from $1 million in updates as a result of the HUD-insured financing, a continuation of $850,000 invested in repairs to date.
“We are thrilled to have provided a long-term, low-rate HUD loan that will enable property improvements for the benefit of residents in this affordable housing for decades to come,” Klobetanz said in the release. “Greystone’s industry-leading HUD platform is an excellent solution to ensure permanent, long-term and fixed financing for multifamily owners.”