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WASHINGTON, DC-Lincoln-Westmoreland Phase II LP has refinance Lincoln-Westmoreland II, a 122-unit multifamily community for low- to moderate-income households, gets refinanced now in a $6.8 million deal. GMAC Commercial Mortgage Corp. orchestrated the financing package; Freddie Mac is providing the fixed-rate loan.

“What gave GMACCM the competitive edge in this deal was the speed in which the deal was closed,” says GMACCM’s Kevin Keelty, vice president at the company’s District loan origination office. “In this case, we had a repeat borrower who completed an early rate-lock application, locked the interest rate and closed the deal in exactly one month’s time.”

With a main address of 1711 8th St., NW, Lincoln-Westmoreland consists of 10 garden-style structures just blocks away from Howard University. The property operates under a HUD-sponsored Housing Assistance Payments contract. “[The HAP contract] was renewed for five years simultaneously with the loan closing,” Keelty tells GlobeSt.com. “The project rents were marked to market and are now substantially higher. The property has a substantially higher valuation as a result. This loan enabled the owners a significant return of equity.”

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