TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing, a 192-unit project in Traverse City. Brian Jones of Greystone originated the financing on behalf of JHT Wallick Holdings LLC.
Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing Corners Crossing. The $45 million development will offer 96 one-bedroom, 78 two-bedroom and 18 three-bedroom units. The community will consist of eight buildings. Amenities will include a clubhouse, fitness center, office, computer center, patio, playground and dog park.
Corners Crossing will be geared toward middle-income residents, with rents ranging from 80 to 100 percent of the area median income. Construction is expected to take approximately 24 months and be completed in the second quarter of 2026.
In addition to the FHA loan from Greystone, the development will be financed with funds from the American Rescue Plan Act awarded by Grand Traverse County and the Michigan State Housing Development Authority. Blair Township also passed a Payment in Lieu of Taxes ordinance for the project, which creates a fixed rate for the development’s real estate taxes.