FALLS CHURCH, VA-A family-owned multifamily community here has secured a $21-million refinance package from Fannie Mae’s multifamily lending program. Cassidy Turley’s Phil Mudd, Christian Miles and Jon Goldstein arranged the financing on behalf of a partnership overseen by Culmore Realty Co. "It was a good Fannie Mae execution," Mudd tells GlobeSt.com, at an "attractive rate that was below 5.5%." The property, Idylwood Village West Apartments, is a 396-unit apartment project that has been owned by the same family who developed the property in 1969, Mudd says.
Fannie Mae is still the top multifamily lender in the DC market, despite the entrance of life insurance companies. However, their growing presence is leading the GSE--as well as Freddie Mac--to be more competitive in their terms and rates.
Earlier this year, Culmore Realty Co. secured refinancing for a Fairfax, VA-based apartment building from Prudential Multifamily Mortgage--again through Fannie Mae's multifamily lending program. Cassidy Turley arranged that transaction as well. Prudential secured the funds through Fannie instead of competing for the loan for its own books because Fannie put forward the best offer, Mudd told GlobeSt.com at the time. "The interest rates, in this case provided by Fannie Mae, were low enough that the owners opted for that route," he said.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
