Greystone provided a $17 million HUD-insured loan for the development of a 145-unit apartment community to be built blocks from the state’s Capitol building in Lansing, Michigan.
The developer, Y SITE, LLC, is building the 122,130 s/f property to be National Green Build Standard (NGBS) certified and expects construction to be completed by the end of 2019.
LR Management, led by Leslie Etterbeek, is the management company and she will serve as the property manager upon completion. Michigan Economic Development Corporation is also an equity partner in the property.
Metro Place Apartments will be located at 301 W. Lenawee Street on the site of an abandoned former YMCA building. it will include studios, one- and two-bedroom market-rate rental units with 6,925 s/f of retail space on the street level, as well as on-site parking.
Greystone’s Lisa Fischman originated the loan under the HUD-insured 221 (D)(4) construction program providing a 40-year fully amortized loan with a low, fixed interest rate locked before closing.
This loan provided 80 percent of the project costs and is interest-only during construction, with conversion to permanent FHA financing upon completion.
As the state’s capital, Lansing is attracting young urban professionals who want to be close to work, entertainment and activities.