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ATLANTA-The 144-unit Summit Mayfaire Apartment community in Raleigh, NC has obtained a $7-million loan through Fannie Mae’s DUS program. The funding is for 10 years at 5.44% interest and has a 30-year amortization.

The funding was arranged within 30 days to meet the property’s 1031 exchange deadline.The lender was Raleigh-based Renaissance Capital.

Birmingham, AL-based Collateral Mortgage Capital LLC. arranged the loan but refused to disclose the buyer’s name.

The buyer is using the loan proceeds to acquire the property and pay all transaction costs, according to a prepared statement from Collateral.

The complex consists of eight three-story buildings and includes a basketball/tennis court, laundry facility, fitness room and car detailing area.

The property was 95% occupied at closing. Rents are at the upper end of the Raleigh market and average between $697 and $787, according to published reports.

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