BETHESDA, MD-Locally-based Green Park Financial has closed on a $102.9-million addition to an in-place credit facility for Milestone Multifamily Investors LP–a joint venture between the Milestone Group and Invesco Real Estate. Green Park placed the facility with Fannie Mae–one of the largest transactions it has closed with the GSE this year, Andrew Tapley, senior vice president, tells

This transaction, which closed a few weeks earlier, is giving Green 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 that it is pulling back from multifamily lending.”

The Milestone-Invesco facility was secured by a 3,000-unit portfolio stretching out across eight garden-style, class B properties in Arizona, Florida and Texas. The original credit facility, which Green Park closed for the borrower in March 2005, was for $322 million. The new pool of loans are cross-defaulted and cross-collateralized mortgages from Fannie Mae’s discounted MBS window–a floating rate program. They are a series of discounted non-interest bearing advances, and have a five-year term with an option to extend for another five years.

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