September 24, 2020
Greystone delivered a $13.9 million HUD-insured loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle. The transaction was originated by Greystone’s Shana Daby and Lorie Hanson on behalf of Lake City Project Associates, LLC.
Constructed in 2017, property is a four-story apartment building at 13730 Lake City Way NE in North Seattle. The one- and two-bedroom apartments feature high ceilings, modern appliances and upgraded finishes, as well as in-unit laundry. Residents enjoy access to a community room and entertainment center, fitness center, on-site parking and outdoor amenities that include a rooftop patio firepit and picnic area, gazebo and community gardens.
The non-recourse HUD 223 (a)(7) loan refinances the property at a low, fixed rate and 40-year term and amortization, resulting in a significant reduction in annual debt service payments. As green certified and energy efficient housing, the property also qualifies for a reduction in Mortgage Insurance Premium (MIP) of 40 basis points, from 65 to 25 basis points, annually.
For comments, questions or concerns, please contact Dennis Kaiser