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CHICAGO-Equity Residential Properties has lined up $177.57 million in financing at 5.96%, with the largest US multifamily REIT making interest-only payments during the first 10 years of the loan arranged by Capri Capital, LP. The financing stems from Fannie Mae’s bond credit enhancement program.

Collateral includes 4,562 units in San Antonio, TX; Canton, MA; Lisle, IL; Kennesaw, GA; Alpharette, GA; Roswell, GA; Agoura, CA; Mission, KS; Altamonte Springs, FL; Manchester, NH; and Laguna Nigel, CA. The financing deal allows for substitution of collateral.

The deal also put Capri’s loans with Equity Residential at more than $1.2 billion.

“The financing will result in significant saving for EQR through the reduction of the pool’s overall interest rate,” says Capri Capital co-chairman Daryl Carter in a statement.

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