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DESTIN, FL-Emco 1 Limited Partnership of Maitland, FL has completed the $17.2 million permanent financing on its 300-unit, 16-acre Legacy on the Bay Apartments in this Florida Panhandle recreation-oriented area, 240 miles northwest of Downtown Orlando.

Collateral Mortgage Capital of Birmingham, AL arranged the loan through Fannie Mae’s Delegated Underwriting and Servicing program. The 10-year loan carries a 7.05% fixed interest rate on a 30-year amortization schedule.

Collateral underwrote the loan with 77% loan to value and debt service coverage at 1.27x. Collateral is one of 26 nationwide DUS lenders.

The property’s 12 three-story buildings have a net rentable area of 305,592 sf overlooking Legacy Golf Course on the Choctawhatchee Bay. Trammell Crow Co. manages the asset.

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