This transaction, which closed a few weeks earlier, is givingGreen Park a boost towards its projected goal of closing between$1.4 billion to $1.5 billion in Fannie Mae loans for 2008, he says."Despite the agency's difficulties, there have been no signs thatit is pulling back from multifamily lending."

The Milestone-Invesco facility was secured by a 3,000-unitportfolio stretching out across eight garden-style, class Bproperties in Arizona, Florida and Texas. The original creditfacility, which Green Park closed for the borrower in March 2005,was for $322 million. The new pool of loans are cross-defaulted andcross-collateralized mortgages from Fannie Mae's discounted MBSwindow--a floating rate program. They are a series of discountednon-interest bearing advances, and have a five-year term with anoption to extend for another five years.

The apartments in the portfolio include in Texas: the 280-unitArbor Creek, in Lewisville; a 272-apartment building, Arbors ofEuless, in Euless; Cimarron Parkway, in Katy, that has 272 units;Enclave at Cypress Park, in Houston, with 384 units; the 706-unitWoods of Bedford, in Bedford; and the 586-unit Parks at Treepoint,in Arlington. In Arizona, the 290-unit Meadow Glen in Glendale ispart of the portfolio. In Florida, there is the 210-unit Saratogain Melbourne.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.