Greystone Provides $33M Refinancing for Sausalito Towers Apartments in Bay Area
SAUSALITO, CALIF. — Greystone has provided a $33 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance Sausalito Towers, a garden-style apartment community in Sausalito. Tim Thompson of Greystone’s San Francisco office originated the transaction for the borrower, Sausalito Investments.
The loan refinances two existing Greystone loans on the property, and features a 10-year term and 30-year amortization with seven years of interest-only payments. Additionally, the financing has a 61 percent loan-to-value ratio that enables the borrower to continue with ongoing maintenance and renovation.
Originally built in 1962, Sausalito Towers features 90 one-, two- and three-bedroom units with views of San Francisco Bay, covered balconies, wood-burning fireplaces and in-unit washers and dryers. The community features a heated swimming pool, on-site parking and private storage.