NEW YORK—New York City-based Greystone has closed a $34.6 million loan for Lake Castleton Apartments, a 1,261-unit multifamily apartment complex located at 7601 Carlton Arms Drive in Indianapolis, Ind. Greystone’s Josh Sasouness, an FHA originator, originated the deal.
Greystone received a commitment from HUD for a Section 223(a)(7) loan to insure Lake Castleton just 44 days from submission and was able to provide a 35-year term and a self-liquidating loan.
“The Section 223(a)(7) program is an expedited way for a borrower who already has a HUD-insured loan to refinance its loan for the purpose of lowering the interest rate,” said Betsy Bartanian, head of Greystone’s FHA business. “This program is incredibly beneficial to borrowers and we look forward to continuing to provide them for clients across the county.”