Greystone Provides $37.6 Million in Fannie Mae Financing for Seattle Multifamily Portfolio
Greystone has provided $37,574,000 million in total Fannie Mae Delegated Underwriting and Servicing (DUS®) loans to refinance a 200-unit housing portfolio in Seattle, WA. The financing was originated by Lorie Hanson, Managing Director at Greystone, with Mark Dibble of DSC Capital acting as correspondent on behalf of WRP Associates.
The non-recourse, fixed-rate Fannie Mae loans all carry 10-year terms and are interest-only for the duration of the loans. The financing includes loans for the following properties:
- The Westside Off Broadway, a 45-unit property with an $11,420,000 loan;
- Capitol Court, a 44-unit property with a $6,670,000 loan;
- Belgrove Court, a 60-unit property with a $10,004,000 loan; and
- Lake Union Tower and Interlake Place, two properties comprising 51 units, with $9,480,000 in financing.
“It’s been a pleasure working with Tim Walker, Ian Poll, and Ron Rudy, as well as Mark, on this value-add refinance, enabling the borrowers to extract the properties’ increased value and increase their cash flow,” said Ms. Hanson.
"Lorie and her team did a great job. Their product knowledge and familiarity with the Seattle market was invaluable," said Ron Rudy, key principal of the borrower.