Connect Media > Seattle & Pacific Northwest News > Seattle News > Greystone Provides $14M for Seniors Housing Property in Seattle

September 24, 2020 Comments Off on Greystone Provides $14M for Seniors Housing Property in Seattle Views: 405 Seattle & Pacific Northwest News, Seattle News

Greystone Provides $14M for Seniors Housing Property in Seattle

Order Reprints...

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.

Connect With Greystone’s Daby


Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Tags: ,

Comments are closed.