Commercial real estate finance concern Greystone has provided a $12.35 million Fannie Mae Delegated Underwriting and Servicing, DUS, loan to refinance an existing 68-unit multifamily property in Marquette, Michigan.
The transaction, contributing to the redevelopment of industrial brownfield land on Marquette’s waterfront, was originated by Reuben Dolny and John Marr of Greystone.
The $12.3 million Fannie Mae loan carries a 10-year term at a fixed rate, with a 30-year amortization.
Constructed in 2019, One Marquette Place is a six-story rental building with a mix of studio, one-, two-, and three-bedroom units and includes a rooftop terrace with lake views.
“One Marquette Place is primed for long-term Agency financing as it’s a high-quality asset with an excellent sponsor that is dedicated to, and invested in, the local area,” said Mr. Dolny. “With master plans to expand the complex by adding additional phases, this property will represent a mix of multifamily offerings suited to the varied needs of the Marquette market, and we are thrilled to have completed the first phase of refinancing.”
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