Greystone Completes $79 Million in FHA Financing for The Altman Companies’ Michigan Housing Portfolio

NEW YORK, June 28, 2017 (GLOBE NEWSWIRE) — Greystone, a real estate lending, investment and advisory company, today announced it has provided the last of 13 total FHA loans for The Altman Companies, representing $79 million in financing. Lisa Fischman, originator in Greystone’s Monsey, NY office, completed the portfolio refinancing.

The Altman Companies’ communities are a blend of market rate and Section 8 multifamily properties located throughout Michigan from as far north as the Upper Peninsula to the south east in Roseville.

In addition to The Altman Companies-owned properties, the refinanced portfolio includes one property owned by a private real estate group and two affordable housing communities, Charter Square and Green Hill apartments, that are owned by The Boys & Girls Club Non-Profit Housing Corporation, with the proceeds going to The Boys & Girls Club of Lansing. Mr. Kerbawy, chairman of The Boys & Girls Club of Lansing, stated, “Greystone was truly remarkable. The professional quality of cooperation and focus on this mission makes them a highly-valued partner.”

Ms. Fischman noted that, “The timing for each refinance was ideal, as we were able to take advantage of low interest rates while providing a tremendous amount of funding for beautiful upgrades and restorations.”

Carol Loveless, Senior Vice President, Midwest Division, Altman Management Company, added, “Mr. Altman developed and built all of these communities. I know the families will be very pleased with the extensive renovations, including new windows, exterior doors, playgrounds, kitchens and HVAC systems.”

“Over the years, Greystone has proven to be a nimble and reliable partner for both us and the Boys & Girls Club of Lansing,” said Joel Altman, chairman of The Altman Companies. “Being able to secure long-term, fixed-rate financing for these communities ensures that The Boys & Girls Club assets that we developed will be excellently financially positioned for 30-plus years and will provide important cash flow for their programs serving local boys and girls.”

About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and 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.

CONTACT: PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
[email protected]

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