Greystone Arranges Refi for San Francisco-Area Community
- Jun 05, 2020
A garden-style Sausalito, Calif., multifamily property overlooking San Francisco Bay has gained a $33 million refinance loan arranged by Greystone. The Fannie Mae Delegated Underwriting and Servicing (DUS) loan was originated on behalf of Sausalito Invesments by Tim Thompson in Greystone’s San Francisco office.
The loan refinances two existing Greystone loans on the apartment community Sausalito Towers. It carries a 10-year term and 30-year amortization with seven years of interest-only payments. The borrower will be able to continue current maintenance and renovation endeavors and monetize its existing equity, thanks to a loan to value of 61 percent.
“The evolving financing landscape caused by the COVID-19 pandemic has created new hurdles in CRE finance, such as conducting inspections,” Thompson told Multi-Housing News. “But we were able to navigate those challenges with creativity and persistence using technology and virtual communication.”
The seven-building, 90-unit property was built in 1962, covers 4.3 acres, features buildings of two, three and four stories and offers one- through three-bedroom apartments. Residential units range in size from 850 to 1,719 square feet. The apartment community enjoyed 94.4 percent occupancy at the time of the loan.
Late last month, Greystone secured an $86 million refinance loan for another suburban San Francisco apartment property.
Features and finishes of apartments include wood-burning fireplaces, covered balconies, private entrances, granite countertops and in-unit washers and dryers. A heated community pool is high on the list of common-area amenities.
Sausalito Towers is situated near the Highway 101 South freeway entrance in the hills above Sausalito Village. Residents can use the Golden Gate Bridge or the Sausalito Ferry to gain quick and convenient access to central San Francisco.
The apartment community is less than 10 miles away from the University of California, San Francisco; University of San Francisco; and Academy of Art University. It is also convenient to three retail centers, as well as to a number of parks and recreational amenities. Among them are Bay Area Discovery Museum, Richardson Bay Audubon Center & Sanctuary, Golden Gate National Recreation Area and Old Saint Hilary’s Open Space Preserve.