CLAYMONT, DE-The Galman Group closed on its acquisition of Whitney Apartments here thanks in part to a relatively new program offered by Fannie Mae. The new program provides more debt proceeds than under traditional Fannie Mae programs if the borrower agrees to make value-add improvements to the property.

Galman Group’s total investment in the apartment community came to roughly $50 million after closing costs, financing and the future value of the improvements, according to Capmark Finance VP Brian Campbell, in the firm’s Horsham, PA, office, which originated the transaction. The transaction was supported by a $39 million fixed-rate, permanent financing package of first-mortgage and mezzanine debt originated by Capmark through its Fannie Mae DUS program.

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