It was a typical deal for Fannie Mae, taking the standard 90 days to close, Mudd tells GlobeSt.com. The transaction was a recapitalization of the apartment houses, many of which are older buildings, he says. In total, the refinanced portfolio consists of 1,184 units located in Prince George's County, Montgomery County, the District and Fairfax County.
Fannie Mae and Freddie Mac, it hardly needs to be said, are about the only sources of capital available to multifamily developers at the moment. Ever since the duo were placed in conservatorship last year, there have been fears that they would pull back from their multifamily mandate to focus on residential lending--as well as their own balance sheets. There has been no evidence of that in the marketplace. Indeed James Lockhart, director of the Federal Housing Finance Agency's Oversight Board, recently re-affirmed the GSA's commitment to the multifamily sector at the National Association of Real Estate Editor's annual conference earlier this month.
The assets in the transaction are the 636-unit Brinkley House in Temple Hills, MD; Mayfair House's 208 units in Falls Church, VA; 77 units at DC's Hill House; 192-apartment Pleasant House in Seat Pleasant, MD; and 192 units in Silver Spring at Wheaton House.
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