Greystone has provided a $97,160,000 HUD 223(f) loan to refinance a 506-unit multifamily property in Beaverton, Oregon. The opportunity was brought to Shana Daby and Witt Wittenberg of Greystone by Melvin Mark Capital Group after helping Peterkort Residential I, LLC evaluate and consider all the alternatives.
Constructed in 2007, Deveraux Glen Apartments in Washington County is a community of 34 detached and semi-detached townhouse walk-up buildings consisting of one-, two-, three-, and four-bedroom units. The low, fixed rate $97.2 million HUD-insured loan carries a 35-year term and amortization, with 65% loan-to-value (LTV). The property qualifies for a 25-basis point reduction in Mortgage Insurance Premium (MIP) for achieving green standards.
Greystone’s local Portland team has extensive multifamily credit experience and knowledge of the local market. They make it their priority to find solutions for clients, and bring every transaction to a quick, seamless, and satisfactory close.
“We are thrilled with Greystone’s work and look forward to continuing our relationship in the years to come,” said the borrower representative of Peterkort Residential I, LLC. “Greystone’s capabilities and credentials in the multifamily space are impeccable, matched only by the outstanding care, commitment, and creativity they demonstrated throughout this transaction.”