Greystone Provides $33 Million Fannie Mae DUS® Loan to Refinance a Multifamily Property in Sausalito, California
June 4, 2020
Category: Fannie Mae, Multifamily
Greystone announced it has provided a $33,020,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 90-unit multifamily property in Sausalito, California. The transaction was originated by Tim Thompson in Greystone’s San Francisco office on behalf of Sausalito Investments.
The $33 million Fannie Mae loan, which refinances two existing Greystone loans on the property, carries a 10-year term and 30-year amortization, with seven years of interest-only payments. The refinancing at 61% loan-to-value enables the borrower to continue with ongoing maintenance and renovation, and monetize their existing equity.
Originally built in 1962, Sausalito Towers is a garden-style apartment community featuring 90 one-, two- and three-bedroom units with sweeping views of San Francisco Bay, along with covered balconies, wood-burning fireplaces, and in-unit washer-dryers. Residents also enjoy access to a heated community pool, on-site parking and private storage. Located in the hills above Sausalito Village near the Highway 101 South freeway entrance, the property offers easy access into the heart of San Francisco via the Golden Gate Bridge or the Sausalito ferry.
“It’s a thrill to work alongside clients who are passionate about their portfolio properties – their enthusiasm is infectious and is why we come to work each day,” said Mr. Thompson. “And our incredible lending platform, coupled with our seamless and industry-leading execution, is what brings our clients back to us time and again. There is no greater thank you.”
“Through the years, the Greystone team has delivered financing terms beyond my expectations, and this transaction was no different,” said Mr. Daniel J. Keig, principal of Sausalito Investments. “What was truly incredible this time around was the speed and fluidity of the entire process while a pandemic was growing across our state and our country. Their professionalism, attention to detail and diligence in getting this deal done was exceptional.”