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SEATTLE — Greystone has provided a $13.9 million HUD loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle.
Shana Daby and Lorie Hanson of Greystone originated the transaction on behalf of the borrower, Lake City Project Associates. The non-recourse loan features a fixed interest rate and a 40-year term and amortization.
As a green-certified and energy-efficient HUD housing project, The Savoy at Lake City also qualifies for a reduction in mortgage insurance premium (MIP) of 40 basis points, from 65 to 25 basis points, annually.
Constructed in 2017, The Savoy at Lake City is a four-story building on Seattle’s north side that consists of 80 one- and two-bedroom units.