Greystone, a leading national commercial real estate finance company, has provided a $12,350,000 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 stunning 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.
“One Marquette Place is primed for long-term Agency financing as it’s a high-quality asset with an excellent sponsor that is dedicated to, and invested in, the local area,” said Mr. Dolny. “With master plans to expand the complex by adding additional phases, this property will represent a mix of multifamily offerings suited to the varied needs of the Marquette market, and we are thrilled to have completed the first phase of refinancing.”
“We are grateful to Greystone for their guidance and expertise on the financing for One Marquette Place as we work toward executing our master plan for Marquette’s shoreline,” said Mr. Barry Polzin, key principal of the borrower, developer, and architect for the project, Barry J Polzin Architects. “This transformational project was handled with responsiveness, knowledge and customer service beyond our expectations, all of which is a critical for the success of this type of deal.”