Greystone has provided a $37.5 million Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Building Certification loan to refinance a newly-constructed 481-unit multifamily property in Rexburg, Idaho. The financing was originated by Shana Daby and Lorie Hanson, Managing Directors at Greystone on behalf of Eden Apartment LLC.
The non-recourse $37,500,000 Fannie Mae loan carries a 10-year term, a fixed interest rate, five years of interest-only payments, and a 30-year amortization period. Completed in 2020, Eden Apartments offers premium one- and two-bedroom apartments designed to cater to a diverse range of residents, including families and students. Amenities at the property include a modern club room, game room, fitness center, kids’ playroom, business center, jacuzzi pools and grilling area.
“The sponsors took care to think through every detail of the new property for their residents, and we have done the same on the financing of this high-quality asset,” said Ms. Daby. “It was a pleasure working with the borrower to secure long-term financing with Fannie Mae and play a role in setting this property up for success in the growing Rexburg market.”