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SEATTLE — Greystone has provided a $13.9 million HUD-insured loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle.
Greystone’s Shana Daby and Lorie Hanson originated the transaction on behalf of Lake City Project Associates. The nonrecourse loan features a fixed rate with a 40-year term and amortization.
As green-certified and energy-efficient housing, the property 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 Senior Living is a four-story apartment building in North Seattle consisting of 80 one- and two-bedroom.