Greystone has provided a $22.1 million HUD-insured loan to refinance a 239-unit multifamily property in Boardman, Oregon. The financing was originated by Judah Rosenberg and Phiet Nguyen of Greystone on behalf of PROffutt Limited Partnership.
The $22,160,000 HUD-insured Section 223(f) financing carries a 35-year term and 35-year amortization, along with a low, fixed interest rate. The property also qualifies for a 35-basis point reduction in Mortgage Insurance Premium (MIP) for achieving green standards. The 80% LTV loan refinances the existing construction loan on the property and allows the borrower to continue with ongoing property maintenance.
Port View Apartments consists of eight three-story buildings with studio, one-, two- and three-bedroom units. Residents have access to the property’s on-site parking and garages, basketball court and community splash pad. The property offers easy access to Interstates 84 and 82, as well as to Highway 730 and Tri-Cities, Washington, and is located near popular outdoor recreation areas, including the Columbia River and the Umatilla National Wildlife Refuge.
“Greystone’s extensive lending platform means that our clients get the right financing terms through every phase of their project’s lifecycle,” said Mr. Rosenberg. “Our deep multifamily expertise, coupled with our industry-leading service and seamless execution, are key reasons why clients trust Greystone.”
“Our experience with Greystone has been exceptional - we are impressed with the team’s knowledge of the multifamily space and with their ability to secure the right financing for us,” said Mr. Scott Neal, principal of PROffutt Limited Partnership. “From the very start, their attention to detail was remarkable, and their commitment to delivering a superior experience made all the difference. We look forward to partnering with Greystone again in the future.”