NEW YORK, NY – Greystone has provided a $15,340,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan to refinance a 103-unit multifamily property in Fall River, Massachusetts.
The transaction was originated by Shana Daby, Managing Director at Greystone, on behalf of Mechanics Mill Two, LLC. Michael Corso of Kingston Capital provided Historic Tax Credit (HTC) and debt advisory services for the transaction.
Built in 1880s as a cotton mill, Commonwealth Landing in Bristol County was acquired by its current owner in 2016 and converted into a mid-rise apartment community. The fully renovated property, which is on the National Historic Register, consists of 63 one-bedroom, 35 two-bedroom and 5 three-bedroom units, and was financed with Federal and State HTC.
The non-recourse, fixed rate $15.3 million Fannie Mae loan carries a 10-year term and a 30-year amortization period, as well as three years of interest-only payments and a 54% loan-to-value (LTV). In addition to refinancing, the property achieved a Green Globes certification and was able to monetize a portion of their construction period equity.
“We were thrilled to help our client navigate the complexities of a master lease structure associated with the Historic Tax Credits with Agency financing through Fannie Mae for this historic property that today provides housing to many in the community,” said Ms. Daby. “Our deep experience in multifamily, coupled with our extensive lending platform, means we can deliver the solutions our clients need for the unique properties in their portfolio.”
“Greystone was committed to understanding the nuances of this property and financing structure and the result was that we got the financing terms we desired,” said Mr. Anthony F. Cordeiro, principal of Mechanics Mill Two, LLC. “Shana and her team shared our vision for this property and worked tirelessly to get this deal done seamlessly and quickly – we look forward to working with them on future projects.”