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BIRMINGHAM, AL-Utilizing Freddie Mac’s network of exclusive multifamily lenders, Collateral Mortgage Capital has closed four apartment loans totaling $42.45 million in the last 30 days in Florida, Minnesota and Texas.

The 289-unit, 97%-occupied Tarnhill Apartments in Bloomington, MN qualified for a $13-million, fixed-rate 6.81% interest loan via Freddie Mac’s Early Rate Lock program.

The 34-building, two-story Countrywood Apartments complex on 47 acres in Tampa, FL used the same program and received $15 million at the same 6.81% interest rate.

In Spring, TX, the 192-unit Timber Run Apartments were financed for $8.45 million through Freddie Mac’s Forward Commitment Pilot Program at a fixed interest rate based on 2.3% over the 10-year Treasury.

The 260-unit, 27-year-old Park Royal Apartments in Jacksonville, FL were financed with a $6-million loan through a permanent, fixed-rate 7.59% mortgage that allowed borrower K.C. Five Corp. to refinance, recapturing a portion of its equity.

In all four transactions, Collateral Mortgage Capital provided the strategy to close the loan, the borrowers say in a prepared statement.

In the Tarnhill transaction, Mark Jensen of Tarnhill Associates says Collateral “worked with Freddie Mac to show them how things that had been done in other regions could be done in our region as well.”

As a result, Tarnhill received a 15-year, non-recourse loan on the 31-year-old property with a 30-year amortization schedule. Collateral underwrote the loan at 72.22% of the ‘as is’ value, with a debt service coverage of 1.49x. The Early Rate Lock loan allowed the borrower to refinance the existing debt, recapturing a portion of its equity, similar to the Park Royal Apartments deal in Jacksonville.

In Spring, TX, home of Timber Run Apartments, the $8.45 loan allowed the borrower to begin building a 192-unit, garden-style complex that qualified for low-income housing tax credits. The 48 two-story buildings, clubhouse, central laundry facility, playground, fitness center, swimming pool and picnic area will be built on 20-plus acres.

The 24-month, forward commitment converts to a 20-year, permanent first mortgage with a 30-year amortization schedule upon stablization. Collateral Mortgage underwrote the loan at 81.56% loan-to-value, with a debt service coverage of 1.22x.

In Jacksonville, Park Royal Apartments’ 20-year, self-amortizing, non-recourse loan carries a fixed rate of 7.59%. Collateral underwrote the loan at 63.2% of the ‘as stabilized’ value, with a debt service coverage of 1.48x.

Countrywood Apartments’ 10-year, non-recourse loan in Tampa carries a fixed rate of 6.81%. Collateral underwrote the loan at 78% loan-to-value, with a debt service coverage of 1.43%.

“Collateral even went with Freddie Mac on four or five site inspections to insure that things went smoothly,” Richard Carlson, vice president of K.C. Five Corp., Countrywood Apartments’ owner, says in the prepared statement.

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