Greystone Secures $5M Refi for DC Community
The owner invested more than $1.5 million in environmentally friendly improvements in the past years.
The Duddington in Washington, D.C.
Washington—Greystone recently announced that it has arranged a $5.2 million Fannie Mae DUS Green Mortgage loan to refinance The Duddington, a 34-unit multifamily property located in Washington, D.C.
The financing originated by Andrew Ellis of Greystone’s Rockville office on behalf of the borrower is a non-recourse, 10-year fixed rate loan with a 30-year amortization that received the Fannie Mae Green Building Certification Pricing Break. Fannie Mae’s Multifamily Green Financing provides property owners investing in energy- and water-cost reducing retrofits with preferential pricing and, for some loans, additional loan proceeds.
Located at 1754 Lanier Place NW, The Duddington is a 19,800-square-foot market-rate rental building. The three-story asset was built in 1910 and the owners, which acquired the property in 2014, invested more than $1.5 million in improvements such as rooftop solar panels, new roof, double-pane windows and replacement of the gas-fired boiler heating system with in-unit individual HVAC systems, improvements which led in December 2016 to an Energy Star certification.
The building is located a few blocks from the Woodley Park and Columbia Heights metro stations, offers convenient access to several bus lines and is in close proximity to 18th Street, which houses plenty of restaurants and cafés. Harris Teeter and Safeway are located within walking distance.
“Taking advantage of Fannie Mae’s green lending platform is a win-win for property owners,” said Ellis in a prepared statement. “They are able to lower overall operational costs, benefit the environment, and receive favorable terms for adhering to environmental standards. We are thrilled to have completed a 6th transaction for this borrower, who has taken advantage of many attractive Fannie Mae financing options over the years.”
Image via Google Street View
