A loan of about $5 million was originated for the Rutland Corners Garden Apartments in Macon, GA. The complex has 120 units. The loan is a Fannie Mae DUS with an interest rate of 6.98% and is a 10-year term and 30-year amortization. Guaranty Financial Inc. acted as Reilly's correspondent and Melnick's Macon Family LP was the borrower.

Willow Creek Apartments in Westland, MI received $13.5 million in loans. The complex is a 25-building development with 432 units. It's a Fannie Mae DUS loan with an interest rate of 7.67% with a 30-year term and 30-year amortization. Sussex Mortgage Group was the correspondent and Willow Creek Group LLC was the borrower.

An $8.8 million Fannie Mae Market Rate Forward Commitment loan financed Timber Valley Apartments in Capitol Heights, MD. The loan has an interest rate of 8.18% with an LTV/DSC of 80%/1.26 and a 30-year term with 30-year amortization. The property has 273 units. The correspondent broker was SunTrust Bank, Mid-Atlantic and Timber Valley Preservation LLC was the borrower.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.