"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.
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