Greystone Provides $5 Million in Fannie Mae DUS® Green Mortgage Financing in Washington, D.C.
January 27, 2017
Greystone announced it has provided a $5,221,000 Fannie Mae DUS® Green Mortgage Loan to refinance The Duddington in Washington, D.C. The loan was originated by Andrew Ellis of Greystone’s Rockville, MD office.
Fannie Mae’s Multifamily Green Financing provides property owners investing in energy- and water-cost reducing retrofits with preferential pricing and, for some loans, additional loan proceeds. The Duddington loan is a non-recourse, 10-year fixed rate loan with a 30-year amortization that received the Fannie Mae Green Building Certification Pricing Break.
The Duddington is a three-story, 34-unit residential market-rate rental building that was built in 1910. The owners purchased the property in April 2014 and invested over $1.5 million in environmentally friendly capital improvements such as rooftop solar panels, new roof, double-pane windows and replacement of the gas-fired boiler heating system with in-unit individual HVAC systems. As a result of the retrofits, the building received the Environmental Protection Agency’s ENERGY STAR® Certification in December 2016.
“Taking advantage of Fannie Mae’s green lending platform is a win-win for property owners,” said Mr. Ellis. “They are able to lower overall operational costs, benefit the environment, and receive favorable terms for adhering to environmental standards. We are thrilled to have completed a 6th transaction for this borrower, who has taken advantage of many attractive Fannie Mae financing options over the years.”