Greystone has provided a $12.35 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance an existing 68-unit multifamily property in Marquette, Michigan.
The transaction, contributing to the redevelopment of industrial brownfield land on Marquette’s waterfront, was originated by Reuben Dolny and John Marr of Greystone.
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 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.