ARM Loan Provides Permanent Financing for Newly-Constructed Class-A Building in Tacoma
NEW YORK, Oct. 24, 2016 — Greystone, a real estate lending, investment and advisory company, today announced it has provided a $31,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the permanent takeout of a construction loan on The Henry in Tacoma, WA. The loan was originated by Tom Meunier of Greystone’s Newport Beach, CA office.
The Henry’s refinancing, executed through a Fannie Mae DUS® loan, is a 7/6 adjustable rate mortgage with a 30-year term. The Henry is a newly constructed Class-A mid-rise building comprising 161 residential units with six floors. Offering ground-level commercial space, the property is ideally situated along the Tacoma Foss Waterway with convenient access to the area’s restaurants, museums and shopping. The Henry’s amenities include a resident lounge, fitness center, picnic area/courtyard, and dog park.
The borrowing entity felt the 7/6 product provided them the best execution and most flexible loan terms for their current financing situation.
“The Henry is a pristine mixed-use building offering luxury waterfront living in the Tacoma market. The building will also receive its green certification in the coming year, signaling to tenants and the market that the building is financially and environmentally responsible,” said Tom Meunier.
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae Affordable lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.