- $3.8M Fannie Mae Multifamily DUS® First Mortgage fixed-rate 10-year loan
- 10 bps off all-in interest rate
- $24,551 saved in interest over loan term
- Originated by HomeStreet Bank
- Developed and owned by SolTerra
LEED features at The Woodlawn include:
- LEED Platinum certified (BD C: Homes)
- 4.8 kW solar awning
- 4,500 square foot eco roof
- 1,100 square foot exterior living wall
- 9,000 gallon rainwater cistern
- Onsite bicycle parking for every unit
- Water efficient fixtures and low energy lighting.
More multifamily owners are pursuing Green Building Certifications for their properties now than ever before. Fannie Mae Multifamily is continuously innovating, improving our financial products to match our customers' financing needs. Offering the new Green Building Certification Pricing Break is part of that innovation.
The Pricing Break reduces the all-in interest rate on loans for multifamily properties with eligible green building certifications by 10 basis points (0.10%).
This October, SolTerra took advantage of the Green Building Certification Pricing Break on its $3.8M mortgage loan for The Woodlawn, a LEED Platinum-certified multifamily property in Portland Oregon. With 10 bps off the all-in interest rate, SolTerra will save $24,551 in interest over the loan term. These savings create value for SolTerra and pay back the LEED certification cost in less than five years.
As with all of Fannie Mae's Green Financing deals, Fannie Mae issued a Green MBS backed by the Woodlawn loan which now trades on the market under CUSIP 3138LCAK1.
SolTerra develops, designs and builds eco-efficient, mixed-use residential projects to LEED Platinum specifications. "We push the boundaries of sustainable architectural design. We are building a legacy with properties that care for our planet and people," says Brian Heather, founder and CEO of SolTerra.
Using Green Financing with Fannie Mae is flexible and fast.
"I was impressed by the quality and timeliness of HomeStreet's execution, as well as the direct benefit Fannie Mae's Green program provides to the client. It is great to see HomeStreet and Fannie Mae reward developers who provide sustainable housing to their local communities," said Dan Piantanida, Senior Vice President, GP Realty Finance.
This Fannie Mae incentive recognizes the value of green building certifications, rewards owners for investing in their properties and supports the construction and retrofit of quality multifamily rental housing in the US.