Greystone provided a $12,350,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance an existing 68-unit multifamily property in Marquette, Michigan. The $12.3 million Fannie Mae loan carries a 10-year term at a fixed rate, with a 30-year amortization.
Constructed in 2019, One Marquette Place is a six-story rental building with a mix of studio, one-, two-, and three-bedroom units and includes a rooftop terrace and community room along with common-area amenities such as an exercise room and stunning lake views. The property, formerly brownfield land utilized as industrial docks, is situated along Lake Superior and is Energy Star Certified. The sponsor has created an architectural master plan to beautify the shoreline with multifamily, hospitality, mixed-use and public green and walking space.