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Mid-Atlantic | Washington, DC
Jun 30, 2009
By: Barbra Murray, Contributing Editor
Throughout the credit crisis and their own internal financial trials, government-sponsored enterprises Fannie Mae and Freddie Mac have continued to steadily dole out loans in the multi-family market, and The Cafritz Cos. is among the latest firms to take advantage of the entities' willingness to lend. Cafritz has just secured $79.2 million in permanent financing for a five-property portfolio in Metropolitan Washington, D.C., relying on Fannie Mae's multi-family lending program through M&T Realty Capital Corp.
Totaling 1,184 residential units, the apartment communities involved in the transaction include the 636-unit Brinkley House in Temple Hills, Md.; the 192-unit Pleasant House in Seat Pleasant, Md.; the 71-unit Wheaton House in Silver Spring, Md.; Mayfair House, which features 208 units in Falls Church, Va.; and Hill House, offering 77 units in Washington, D.C.
Real estate services firm Cassidy & Pinkard Colliers orchestrated the non-recourse, fixed rate loans on behalf of Cafritz. "For multifamily, the majority of financing is coming out of Fannie Mae and Freddie Mac," Philip J. Mudd, managing director with Cassidy & Pinkard, told CPN. The loans have been relatively abundant and not too shabby in size. Earlier this month Grandbridge Real Estate Capital L.L.C. originated $156.4 million in financing for repurchase by Fannie Mae on behalf of Colonial Properties Trust. In April, apartment REIT Camden Property Trust closed a $420 million secured credit facility with Fannie Mae DUS lender Red Mortgage Capital Inc., and apartment complex developer AvalonBay Communities Inc. obtained 14 mortgage loans totaling $741.1 million through Deutsche Bank Berkshire Mortgage Inc., which acted on behalf of Freddie Mac.
While financing transactions have been numerous, Fannie Mae and Freddie Mac aren't extending loans indiscriminately. "How well the properties were maintained by the Cafritz managing team, that was paramount in this deal--and these were older properties," Mudd said of the Cafritz financing. "I think they are extremely well maintained properties that commanded an efficient execution, and that's what they got."
By: Barbra Murray, Contributing Editor
Throughout the credit crisis and their own internal financial trials, government-sponsored enterprises Fannie Mae and Freddie Mac have continued to steadily dole out loans in the multi-family market, and The Cafritz Cos. is among the latest firms to take advantage of the entities' willingness to lend. Cafritz has just secured $79.2 million in permanent financing for a five-property portfolio in Metropolitan Washington, D.C., relying on Fannie Mae's multi-family lending program through M&T Realty Capital Corp.
Totaling 1,184 residential units, the apartment communities involved in the transaction include the 636-unit Brinkley House in Temple Hills, Md.; the 192-unit Pleasant House in Seat Pleasant, Md.; the 71-unit Wheaton House in Silver Spring, Md.; Mayfair House, which features 208 units in Falls Church, Va.; and Hill House, offering 77 units in Washington, D.C.
Real estate services firm Cassidy & Pinkard Colliers orchestrated the non-recourse, fixed rate loans on behalf of Cafritz. "For multifamily, the majority of financing is coming out of Fannie Mae and Freddie Mac," Philip J. Mudd, managing director with Cassidy & Pinkard, told CPN. The loans have been relatively abundant and not too shabby in size. Earlier this month Grandbridge Real Estate Capital L.L.C. originated $156.4 million in financing for repurchase by Fannie Mae on behalf of Colonial Properties Trust. In April, apartment REIT Camden Property Trust closed a $420 million secured credit facility with Fannie Mae DUS lender Red Mortgage Capital Inc., and apartment complex developer AvalonBay Communities Inc. obtained 14 mortgage loans totaling $741.1 million through Deutsche Bank Berkshire Mortgage Inc., which acted on behalf of Freddie Mac.
While financing transactions have been numerous, Fannie Mae and Freddie Mac aren't extending loans indiscriminately. "How well the properties were maintained by the Cafritz managing team, that was paramount in this deal--and these were older properties," Mudd said of the Cafritz financing. "I think they are extremely well maintained properties that commanded an efficient execution, and that's what they got."
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