Greystone provided a $22.1 million HUD-insured loan to refinance a 239-unit multifamily property in Boardman, Oregon. The $22,160,000 HUD-insured Section 223(f) financing carries a 35-year term and 35-year amortization, along with a low, fixed interest rate. The property also qualifies for a 35-basis point reduction in Mortgage Insurance Premium (MIP) for achieving green standards. The 80% LTV loan refinances the existing construction loan on the property and allows the borrower to continue with ongoing property maintenance.
Port View Apartments consists of eight three-story buildings with studio, one-, two- and three-bedroom units. Residents have access to the property’s on-site parking and garages, basketball court and community splash pad. The property offers easy access to Interstates 84 and 82, as well as to Highway 730 and Tri-Cities, Washington, and is located near popular outdoor recreation areas, including the Columbia River and the Umatilla National Wildlife Refuge.