"We worked in concert with Freddie Mac and the borrower to structure the pool to provide as much prepayment flexibility as possible, while still keeping the initial note rate under 4%. Freddie Mac performed masterfully and the borrower is thrilled with the outcome," says Brian Manion of Wells Fargo Multifamily Capital's Chicago office.
The first portfolio totals $44.3 million and includes seven Freddie Mac loans. The closing will allow the financing of seven high-rise apartment complexes totaling 1,989 units.
The second transaction saw the closing of a $41-million Freddie Mac loan for the refinancing of a 43-floor apartment building downtown. According to a Wells Fargo release about the deal, the non-recourse loan carries a seven-year term. The 656-unit property also includes 12,727 square feet of retail space.
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