Sunswept Townhomes SunsweptTownhomes features 211 one-, two- and three-bedroomfloorplans.

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HOUSTON—Even during the downturn, lending continues forwell-located multifamily. In a recent example, loan proceeds fromacquisition financing will be used to undertake a full propertyrepositioning for the 211-unit Sunswept Townhomes.

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Berkadia originated and Freddie Mac purchased the 10-yearfloating-rate loan with five years interest only. Senior managingdirector Mitch Sinberg of Berkadia's Boca Raton, FL office andmanaging director Brad Williamson of Berkadia's Miami officesecured the loan on behalf of One Real Estate Investment, a realestate investment and asset management firm based in Miami.

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"Due to the sponsor's strong track record, we were able tosecure a floating rate loan at an aggressive rate below 3%," saidWilliamson.

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Built in 1982, Sunswept Townhomes is located at 12247 SunsetMeadow Lane and features one-, two- and three-bedroom floor plansranging from 745 square feet to 1,257 square feet. Within SamHouston Tollway–Houston's middle loop–the community is located nearseveral employment and entertainment centers. Downtown Houston isless than 30 minutes away, offering access to Texas SouthernUniversity and the Toyota Center. The Texas Medical Center isapproximately 20 minutes away and NRG Stadium is nearlyadjacent.

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"In these unprecedented times, both agencies, Freddie Mac andFannie Mae, have been an unwavering source of capital and are stillactively lending and closing on transactions," Williamson tellsGlobeSt.com.

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A global recession has started and the US is expected to endurea recession with GDP declines in the first and second quarter,according to a CBRE report. Its research portends that the USeconomy will stabilize in the third quarter, start to recover inthe fourth quarter and grow at a rate in excess of 5% in 2021 dueto pent-up demand and major government stimulus.

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The US commercial real estate recovery will trail the economicrebound and span 12 to 30 months, depending on the sector. Fasterrecovering categories such as industrial and logistics will recoverwithin 12 months, and multifamily within 18. Facing a longerrecovery of up to 30 months are the retail, food and beverage, andhotel sectors.

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On a metro basis, markets dependent on tourism and the energyindustry such as Las Vegas and Houston respectively will be hardesthit and will take longer to recover. Some with high concentrationsof government, defense and tech jobs such as Washington, DC aremore stable, says CBRE.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.