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.
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