Mortgage lender Greystone closed on a $34.6 million loan for Lake Castleton Apartments, a 1,261-unit multifamily apartment complex in Indianapolis, Ind.

The New York, N.Y.-based company received a commitment from HUD for a section 223(a)(7) loan to insure Lake Castleton.

"The Section 223(a)(7) program is an expedited way for a borrower who already has a HUD insured loan to refinance its loan for the purpose of lowering the interest rate. We are proud of our experience working with HUD and delighted to be able to provide financing quickly and at the extremely attractive interest rates," said Betsy Vartanian, head of Greystone’s Federal Housing Administration business.