Greystone has provided a $10,920,000 Fannie Mae Delegated Underwriting Services (DUS®) loan to refinance a 56-unit multifamily property in Puyallup, Wash. The transaction was originated by Lorie Hanson, Managing Director at Greystone, with Mark Dibble of DSC Capital, LLC, acting as correspondent on behalf of Apartments 58, LLC.
Constructed in 2018, Lipoma Firs Townhomes is a rental property in the South Hill area of Pierce County, consisting of 56 two- and three-bedroom townhome-style units. The fixed-rate $10.9 million Fannie Mae loan features a seven-year term and 30-year amortization, as well as full-term interest-only payments, and represents 51% loan-to-value.
“Our Greystone team shared our passion for this property – they embraced our vision and tapped into their extensive lending platform to get us the financing terms that were right for our needs,” said Mr. Cary Falk, principal of the borrower. “Greystone’s deep expertise and commitment to multifamily were on display throughout this transaction and we look forward to partnering with them again in the future.”
“First and foremost, Greystone believes that everyone deserves quality housing, so we are always looking for ways to help our clients be successful with their portfolios,” said Ms. Hanson. “Our deep multifamily lending platform enables us to deliver where others can’t, and our client-first approach to service and execution is what keeps our clients coming back.”