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6/11/20
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Sausalito Investments has obtained a $33 mil refi loan on Sausalito Towers, a 90-unit multifamily property it owns in the northern Bay Area city of Sausalito. The Fannie Mae Delegated Underwriting and Servicing (DUS®) loan was arranged by Greystone’s San Francisco office.
Originally built in 1962, Sausalito Towers is a garden-style apartment community featuring 90 one-, two- and three-bedroom units with sweeping views of San Francisco Bay, along with covered balconies, wood burning fireplaces, and in-unit washer-dryers. Residents also enjoy access to a heated community pool, on-site parking and private storage. Located in the hills above Sausalito Village near the Highway 101 South freeway entrance, the property offers easy access into the heart of San Francisco via the Golden Gate Bridge or the Sausalito ferry.
The loan, which refinances two existing Greystone loans on the property, was originated by Tim Thompson. It carries a 10-year term and 30-year amortization, with seven years of interest-only payments. The refinancing at 61% loan-to-value enables the borrower to continue with ongoing maintenance and renovation, and monetize their existing equity.
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