Deveraux Glen Apartments
Greystone has provided a $97,160,000 HUD 223(f) loan to refinance a 506-unit multifamily property in Beaverton, Oregon. The opportunity was brought to Shana Daby and Witt Wittenberg of Greystone by Melvin Mark Capital Group after helping Peterkort Residential I, LLC evaluate and consider all the alternatives.
Constructed in 2007, Deveraux Glen Apartments in Washington County is a community of 34 detached and semi-detached townhouse walk-up buildings consisting of one-, two-, three-, and four-bedroom units. The low, fixed rate $97.2 million HUD-insured loan carries a 35-year term and amortization, with 65% loan-to-value (LTV). The property qualifies for a 25-basis point reduction in Mortgage Insurance Premium (MIP) for achieving green standards.