Greystone Provides $31 Million Fannie Mae Green Rewards Loan to Refinance Kentucky Multifamily Property

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Greystone has provided a $31 million Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan to refinance a 189-unit multifamily property in Louisville, KY. The financing was originated by Michael Zukerman, Managing Director at Greystone on behalf of Dearborn Capital Partners LLC.

The $30,975,000 Fannie Mae loan carries a 10-year term and 30-year amortization, along with a low, fixed rate. Germantown Mill Lofts was originally constructed in 1889 and operated as a fabric mill through the mid-20th Century. After subsequent use as a retail facility, the property was eventually converted into residential units and completed in 2017. The substantial rehabilitation included significant environmental remediation, qualifying the project for Fannie Mae Green Rewards incentives. In addition to the studio, one-, and two-bedroom units, Germantown Mill Lofts includes a fitness center, community pool, outdoor grilling area, bocce ball court, pet park and spa, and clubhouse. 

“Working with the Dearborn team was truly a pleasure as this property – rich in history – was brought from its 19th Century roots to the 21st Century from an energy efficiency standpoint, and now provides shelter to hundreds of Louisville residents,” said Mr. Zukerman. “We look forward to working with Dearborn on future transactions.”

"When we hired Greystone to take us through the Fannie Mae refinance process at Germantown Mill Lofts, they expertly advised us on all aspects of the transaction from environmental to income and valuation, and helped us to maximize proceeds,” said Todd Underhill, key principal of the borrower. “We are extremely pleased and intend to work with Greystone on many future transactions."  

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