The program will enable FirstWorthing to build a portfolioinstead of making "one-off" buys, Wernick explains to GlobeSt.com.The credit line carries a five-year term. Not only can theadjustable rate be spun into a fixed rate at any given time, but itnips closing time to just 30 days, he adds.
As soon as Fannie Mae signed final papers, FirstWorthingimmediately pulled its 232-unit property at North Carolina StateUniversity in Raleigh, NC into the funding pool. FirstWorthing'syear-old student housing division, University House, paid $13million in July for the property.
Quantum and Bethesda, MD-based partner, Green Park Financial,have spent the better part of this year lobbying Fannie Mae to setup a credit line for student housing portfolio buys onFirstWorthing's behalf. The new Fannie Mae program won't "take awayfrom any new deals," Wernick stresses.
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