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

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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.

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