Greystone Provides $14.9 Million in HUD-Insured Financing for a Multifamily Property in Washougal, Washington
Greystone has provided a $14.9 million HUD-insured loan to refinance a 119-unit multifamily property in Washougal, Washington. The financing was originated by Eric Rosenstock, Managing Director, and Jesse Yodice, Vice President, in Greystone’s New York office on behalf of Fortify Holdings.
The $14,934,800 HUD-insured Section 223(a)(7) financing carries a 35-year term and amortization, along with a low fixed interest rate. The loan refinances an existing HUD-insured loan on the property.
Constructed in 2009, Lookout at the Ridge Apartment Homes offers 119 well-appointed one-, two-, three-, and four-bedroom units with modern appliances and finishes, in-unit washers/dryers, fireplaces and private outdoor living spaces. The pet-friendly, townhouse-style community also offers residents a fitness center and garage parking. Located in Washougal’s prestigious Lookout Ridge neighborhood, the property offers beautiful views of Mt. Hood and the Columbia River Gorge, with easy access to shopping, restaurants, and outdoor recreation and parks, including Vancouver Lake.
“With every client, on every transaction, my team aims to showcase our deep multifamily expertise and lending platform by delivering a stellar client experience,” said Mr. Rosenstock. “In the current environment, we’ve found that HUD’s (a)(7) product can be a quick and effective way for borrowers to lower their interest rate, extract value, and extend their amortization.”
“Eric’s team is knowledgeable and efficient, and from start to finish, our experience exceeded our high expectations,” said Mr. Sean Keys, principal of Fortify Holdings. “Greystone found us the right resources and financing in record time - we look forward to working with our team again on future transactions.”