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Seattle & Northwest   /   March 3, 2021

Lisa Brown
By: Lisa Brown

HUD Program Assists in Metroline Flats Refi

Built in 2019, Metroline Flats is a 72-unit seven-story apartment building on a 0.28-acre parcel in Seattle. Two units are restricted to affordable rents, and the unit mix consists of studio, one- and two-bedroom floor plans. Amenities at the pet-friendly property include a rooftop deck, coffee bar and bike room.

KeyBank Real Estate Capital recently secured a $13.2 million fixed-rate Federal Housing Administration loan for Shelter Holdings to refinance the multifamily housing property. The refi was closed using the U.S. Department of Housing and Urban Development’s 223 (f) mortgage insurance program with the Green Mortgage Insurance Premium reduction. The loan is structured with a fully amortizing 35-year term.

Katie Plett of KeyBank Real Estate Capital’s Commercial Mortgage Group and Marguerite Moyet of KeyBank Real Estate Capital’s Income Property Group structured the financing. Shelter Holdings is a developer of new construction, and substantially renovated affordable and market-rate housing throughout the Pacific Northwest.

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About the Author

Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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