Greystone has provided a $62,746,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan to refinance a 330-unit multifamily property in Lehi, Utah. The financing was originated by Lorie Hanson, Managing Director at Greystone, with Johnny Clawson from The Clawson Group, Inc. acting as correspondent.
Constructed in 2020, Lehi Tech is mid-rise apartment community with five elevator buildings that features one- and two-bedroom units. The $62,746,000 non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. The property achieved a Fannie Mae Green Globes certification for its energy and water usage upgrades. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property.
“At Greystone, we get excited about helping clients secure the right financing solutions and ensuring they have a seamless and superior service experience,” said Ms. Hanson. “We’re always thrilled when clients come back to Greystone for our deep multifamily capabilities – to us, there is no greater thank you.”
“It’s always an easy decision to choose Greystone – they are experts in multifamily finance and a true partner on every transaction,” said Mr. Bryan R. Wrigley, principal of the borrower. “Regardless of whether our issues are complex or straightforward, our Greystone team brings valuable insights and a level of care that exceed our expectations, every time.”
“We appreciate Greystone’s guidance and knowledge of the multifamily finance landscape, making this refinance a successful transaction,” added Mr. Mike Christensen and Mr. Kevin Garn, both key principals to the borrower.