Lumina Apartments

January 25, 2017 Comments Off on $48M Refi for Lumina Apartments Views: 236 National News, Oregon, West

$48M Refi for Lumina Apartments

Grand Peaks Properties of Denver obtained $48 million in refinancing for its Lumina Apartments in Gresham, OR. Stephen Whitehead with NorthMarq Capital arranged for the 10-year, 30-year amortization financing through Fannie Mae’s Green Rewards platform.

The 27-year-old Lumina, at 2700 Powell St., qualified for the Green Rewards program through Grand Peak’s commitment to install low-flow toilets over the next 12 months. Once installed, the toilets will help achieve 20% water consumption savings.

“The Green Financing Program is a win-win for all parties,” Whitehead said. “Fannie Mae is able to promote a more environmentally-friendly product, the tenants save on their utility cost, and the borrower gets the best loan terms available today. The transaction locked at a 166 spread, which is approximately 25 basis points below a comparable conventional transaction,” Whitehead added.

Connect with Northmarq’s Whitehead

Connect with Grand Peaks

For comments, questions or concerns, please contact Amy Sorter

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: ,

Comments are closed.