Greystone Lends $37M on Tacoma Apartment Complex Refi
By Mack Burke November 3, 2017 9:00 am
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Greystone has provided a $37 million loan under Fannie Mae’s Delegated Underwriting and Servicing (DUS) platform to refinance The Henry, a mixed-use apartment complex located at 1933 Dock Street, in Tacoma, Wash., Commercial Observer can first report.
The loan refinances a previous Greystone Fannie Mae (FNMA) DUS 7-year, adjustable rate mortgage made on the property last year. The deal allowed the borrower—developer The Henry Group—to receive its Green Globes for New Construction certification from Fannie Mae and thus obtain long-term, fixed-rate financing for the property. Greystone Managing Director Tom Meunier of the firm’s Newport Beach, Calif. office originated the deal.
“As a newly-constructed property, once The Henry received its green certification, it qualified for new loan incentives from Fannie Mae – including lower, long-term fixed rates which provided greater loan proceeds,” Meunier said in prepared remarks. “In addition, the building’s energy efficient systems are a direct benefit for the tenants.”
The Henry is a 161-unit, Class A mid-rise multifamily complex situated next to the Tacoma Foss Waterway. The complex includes ground floor commercial space, a resident pub and lounge, a rooftop deck, a fitness center, a picnic area and courtyard and a dog park. Rents run from around $1,670 for studio and one bedroom, one bathroom units to $2,450 for two bedroom, two bathroom units.
Greystone is listed as one of Fannie Mae’s DUS lenders, and is a leading lender in Freddie Mac’s small balance loan (SBL) program, having provided around $1 billion in small balance loan offerings in the last year, according to information from Greystone’s website. The firm was also the first to make a loan under the SBL program shortly after it’s inception in late 2014
