{"id":5869,"date":"2022-04-24T22:32:59","date_gmt":"2022-04-25T03:32:59","guid":{"rendered":"https:\/\/1reason.com\/re\/greystone-provides-12-3-million-in-fannie-mae-dus-financing-for-redeveloped-brownfield-site-on-michigan-lakefront\/5869\/"},"modified":"2022-04-25T17:32:59","modified_gmt":"2022-04-25T22:32:59","slug":"greystone-provides-12-3-million-in-fannie-mae-dus-financing-for-redeveloped-brownfield-site-on-michigan-lakefront","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/greystone-provides-12-3-million-in-fannie-mae-dus-financing-for-redeveloped-brownfield-site-on-michigan-lakefront\/5869\/","title":{"rendered":"Greystone Provides $12.3 Million in Fannie Mae DUS\u00ae Financing for Redeveloped Brownfield Site on Michigan Lakefront"},"content":{"rendered":"
The transaction, contributing to the redevelopment of industrial brownfield land on Marquette\u2019s waterfront, was originated by Reuben Dolny and John Marr of Greystone. <\/p>\n

The $12.3 million Fannie Mae loan carries a 10-year term at a fixed rate, with a 30-year amortization. Constructed in 2019, One Marquette Place is a six-story rental building with a mix of studio, one-, two-, and three-bedroom units and includes a rooftop terrace and community room along with common-area amenities such as an exercise room and stunning lake views. The property, formerly brownfield land utilized as industrial docks, is situated along Lake Superior and is Energy Star Certified. The sponsor has created an architectural master plan to beautify the shoreline with multifamily, hospitality, mixed-use and public green and walking space.<\/p>\n

\u201cOne Marquette Place is primed for long-term Agency financing as it\u2019s a high-quality asset with an excellent sponsor that is dedicated to, and invested in, the local area,\u201d said Mr. Dolny. \u201cWith master plans to expand the complex by adding additional phases, this property will represent a mix of multifamily offerings suited to the varied needs of the Marquette market, and we are thrilled to have completed the first phase of refinancing.\u201d<\/p>\n

\u201cWe are grateful to Greystone for their guidance and expertise on the financing for One Marquette Place as we work toward executing our master plan for Marquette\u2019s shoreline,\u201d said Mr. Barry Polzin, key principal of the borrower, developer, and architect for the project, Barry J Polzin Architects. \u201cThis transformational project was handled with responsiveness, knowledge and customer service beyond our expectations, all of which is a critical for the success of this type of deal.\u201d<\/p>\n

About Greystone<\/strong>
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and\/or other Greystone affiliates. For more information, visit www.greystone.com<\/a>.<\/p>\n

PRESS CONTACT:<\/strong>
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

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NEW YORK, March 31, 2022 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $12,350,000 Fannie Mae Delegated Underwriting and Servicing (DUS\u00ae) loan to refinance an existing 68-unit multifamily property in Marquette, Michigan.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5869"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=5869"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5869\/revisions"}],"predecessor-version":[{"id":5887,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5869\/revisions\/5887"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=5869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=5869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=5869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}