VIENNA, VA-The owner of Merrifield at Dunn Loring Station--a private partnership controlled by Malkin Properties--has secured a $43-million, 10-year, fixed-rate refinance loan for the 706-unit garden-style apartment community.
Adam Klingher, director of Johnson Capital’s Midwest Multifamily Lending office arranged the first mortgage loan through Prudential Johnson Apartment Capital Express, a partnership between Prudential Mortgage Capital Company and Johnson Capital to originate and service loans for Freddie Mac Program Plus.
The deal, which closed a few weeks ago, was a standard transaction except for the fact that it was an extended early rate lock negotiated several months before closing in order to accommodate the expiration
of a pre-payment penalty, Klingher tells GlobeSt.com. As is becoming increasingly the case, life insurance companies competed for this transaction, however, Freddie Mac proved to be more competitive. But Klingher points out that this deal was negotiated before life companies became noticeably active in the market again.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
