Transactions

The $10.8 million Fannie Mae loan carries a 10-year term with a fixed interest rate and a 30-year amortization. In addition to refinancing, part of the loan proceeds will be used for ongoing renovations and capital improvements, including energy-efficient upgrades, to maximize the value of the property. The property has a project-based HAP contract and LIHTC LURA; due to terms of the HAP contract and creative structuring, Greystone was able to find the right solution for both the borrower and Fannie Mae.