Under Potter, HomeStreet's DUS multifamily product line will be extended beyond its traditional markets of the Pacific Northwest and Hawaii. The program will make available the program to lenders that would not otherwise have access to the company's low-cost financing through the DUS.
Recent HomeStreet/DUS loans include the Corona Lofts 20-unit apartment property in Seattle's Pioneer Square district, one of the hardest-hit areas in yesterday's 6.8 earthquake. The $4.7 million project converted the 1903 building from offices to loft-style apartments.
Renovation included complete seismic and environmental remediation and structural overhaul. Terri Silver, a spokesperson for HomeStreet tells GlobeSt the building came through the major quake without damage.
HomeStreet was among the first lenders approved for the program initiated in 1988. Nearly a decade and a half later, there are still only 26 DUS-approved lenders throughout the U.S.
As such, HomeStreet is authorized to originate, underwrite, close and service Fannie Mae multifamily loans without first obtaining the quasi-government organization's approval. Silver says the company, just a few days ago, received approval from Lloyds of London to offer earthquake insurance to all of its customers.
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