New Asheville project receives $16 million in HUD-insured financing

white oak grove apartments

Greystone, a commercial real estate lending, investment, and advisory company, says it has provided a $16 million HUD-insured construction loan for the development of White Oak Grove Apartments, a new 113-unit multifamily community in Asheville.

The loan provides 85 percent of the project costs, and carries a low, fixed interest rate during the construction period, followed by a 40-year term with straight amortization. HUD’s 221(d)(4) loan product enables construction or substantial rehabilitation of multifamily projects with long-term, fixed, low-rate financing. The property also will be built to comply with HUD’s ENERGY STAR requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium (MIP) reduction.

The market-rate White Oak Grove Apartments  will consist of 10 garden-style walk-up buildings, with 12 one-bedroom units in two different layouts averaging 743 square feet and 101 two-bedroom units in seven different styles averaging 1,138 sq. ft.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.