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Singh Development Secures $72.5 Million Refi for Multifamily Properties in Michigan

Greystone Provides Financing for Brownstones, Briarcliff Village and Turnbury Park
February 15, 2018
Singh Development Co. secured $72.5 million to refinance three of its multifamily properties in Michigan, including Brownstones in Novi, Briarcliff Village in Commerce Township and Turnbury Park in Canton Township.

Brownstones at 42330 Joyce Ln. comprises 260 units throughout 21 buildings, Briarcliff Village at 140 Crestview Blvd. totals 185 units throughout 24, two-story buildings and Turnbury Park at 47387 Victorian Sq. N. totals 161 units in 21 buildings. All of the townhouse-style properties comprise one-, two- and three-bedroom units.

Greystone provided the 10-year, fixed-rate, 30-year amortization Fannie Mae DUS loans. The loans were originated by Fred Levine of Greystone’s Monsey, NY office.

"We have been working with Greystone for over 15 years using a variety of financing vehicles," noted Mony Grewal, vice president of finance at Singh Development. "This Fannie Mae package exceeded our expectations, especially the fact that it closed in less than 60 days from engagement.”
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