Greystone has provided a $13,699,000 HUD-insured loan to refinance an 84-unit multifamily property in Hutchinson, MN. The financing was originated by Kyle Jemtrud and Wilson Molitor of Greystone on behalf of Ward LLC.
Century Court West is a garden-style market-rate multifamily property constructed between 2020 and 2022, comprising 2-bedroom, 2-bath units offering single-level living for residents. Property amenities include picnic and BBQ areas as well as well-manicured green spaces and a tranquil pond. The community is located about 60 miles west of downtown Minneapolis. The HUD 223(f) loan carries a 35-year term and 35-year amortization at a low, fixed rate.
“It cannot be understated how advantageous HUD-insured financing is for the multifamily financing market today, due to its longer loan terms and lower rates,” said Mr. Jemtrud. “We are thrilled to have refinanced this quality asset and set it up for long-term success.”
“The Greystone team did a stellar job of shepherding Century Court West through the HUD financing process, which is lengthy but worth the effort,” said Matthew Ward, principal of the borrower. “After a great previous experience with the Greystone team on a HUD refinance, I had no doubt they would be the #1 go-to for this asset as well.”