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Boston & New England  + New England  + Finance  | 
Greystone has provided a $15.4-million loan to refinance Commonwealth Landing apartments in Fall River, MA.

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.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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