New York investment company Greystone has announced it has provided a $37 million loan to refinance The Henry, a mid-rise mixed-use building along Tacoma’s Foss Waterway.
It isn’t the Greystone’s first action involving the building, which features 161 residential units between six floors and ground-level commercial space. The new loan, originating out of Greystone’s Newport Beach, Calif. office, will replace a previous loan provided by the firm in 2016.
This allowed the borrowing entity time to apply for and obtain its Green Globes for New Construction certification, in order to obtain long-term fixed rate financing for the property.
“As a newly-constructed property, once The Henry received its green certification, it qualified for new loan incentives from Fannie Mae – including lower, long-term fixed rates which provided greater loan proceeds. In addition, the building’s energy efficient systems are a direct benefit for the tenants,” said Tom Meunier, managing director with Greystone’s California lending team.