VIENNA, VA-The owner of Merrifield at Dunn Loring Station--aprivate partnership controlled by Malkin Properties--hassecured a $43-million, 10-year, fixed-rate refinance loan for the706-unit garden-style apartment community.


Adam Klingher, director of Johnson Capital’s MidwestMultifamily Lending office arranged the first mortgage loanthrough Prudential Johnson Apartment Capital Express,a partnership between Prudential Mortgage Capital Company andJohnson Capital to originate and service loans for Freddie MacProgram Plus.


The deal, which closed a few weeks ago, was a standardtransaction except for the fact that it was an extended earlyrate lock negotiated several months before closing in order toaccommodate the expiration


of a pre-payment penalty, Klingher tells As isbecoming increasingly the case, life insurance companiescompeted for this transaction, however, Freddie Mac proved tobe more competitive. But Klingher points out that this dealwas negotiated before life companies became noticeably activein the market again.

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