January 25, 2017
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.
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