While some aspects of the lending markets have paused, theagencies are continuing to lend. Refinancing deals in particularhave pushed forward to close during the pandemic.Berkadia has secured more than $44 million torefinance two multifamily assets on behalf of an unnamed privateinvestor. The loans have 10-year fixed rates through Fannie MaeMultifamily affordable housing and conventional loan programs. Thetwo deals are an example of ongoing lender interest, even throughthe pandemic.

"We had a lot of lender interest in the properties, due to theborrower's reputation, recent capex investment and stronghistorical operations," Vincent Punzi, seniordirector in Berkadia's Irvine office who secured the funds onbehalf of the borrower, tells GlobeSt.com.

The borrower actually had term left on its current financing,but decided to move quickly in light of the low interest rates. Thetwo loans had a blended rate of 2.49% with $17 million cash out."Wellington Park and Vineyard Village had plenty of time torefinance but saw an opportunity for a significant cash-out, whilelowering their interest rate," says Punzi. "Those type ofopportunities and refinances with loans maturing are keeping usbusy. On the acquisition side, the pipeline has been slower thanusual but we have seen those debt requests pick up over the pastcouple weeks."