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Greystone Provides $15M DUS Loan for 1880s Cotton Mill Turned Multifam in Fall River
Greystone has provided a $15.4-million Fannie Mae Delegated Underwriting and Servicing Green Rewards loan to refinance Commonwealth Landing, 103-unit multifamily property in Fall River, MA.
The transaction was originated by Shana Daby Greystone, on behalf of Mechanics Mill Two, LLC. Michael Corso of Kingston Capital provided Historic Tax Credit and debt advisory services for the transaction.
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% LTV. In addition to refinancing, the property achieved a Green Globes certification and was able to monetize a portion of their construction period equity.
Built in 1880s as a cotton mill, Commonwealth Landing 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, was financed with Federal and State HTC.
- ◦Financing
