"We worked in concert with Freddie Mac and the borrower tostructure the pool to provide as much prepayment flexibility aspossible, while still keeping the initial note rate under 4%.Freddie Mac performed masterfully and the borrower is thrilled withthe outcome," says Brian Manion of Wells Fargo MultifamilyCapital's Chicago office.

The first portfolio totals $44.3 million and includes sevenFreddie Mac loans. The closing will allow the financing of sevenhigh-rise apartment complexes totaling 1,989 units.

The second transaction saw the closing of a $41-million FreddieMac loan for the refinancing of a 43-floor apartment buildingdowntown. According to a Wells Fargo release about the deal, thenon-recourse loan carries a seven-year term. The 656-unit propertyalso includes 12,727 square feet of retail space.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
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.