Built in 1973, North Park Apartments underwent substantial renovations in 2002. The property was 97% leased at the time of closing. Walker & Dunlop's Elizabeth Conahan and Ted Hermes originated the loan. Ted Patch, chief production officer and SVP multifamily finance, and Benjamin Krosin, assistant vice president, multifamily finance, led the team.
The deal is indicative of Fannie Mae's continued support in the multifamily space--despite the agency's losses over the last several quarters. The borrower tapped the agency financing through a DUS lender, Hermes tells GlobeSt.com. "This is a developer taking advantage of attractive interest rates and locking them in for ten years."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com 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.
