BEAVERTON, OR-Prudential Mortgage Capital Company originated a $41.8 million variable rate loan for Quatama Crossing, a 100% affordable apartment community here with 711 units. The Newark, NJ-based mortgage lender says the refinancing loan is Prudential’s largest written on behalf of Fannie Mae’s tax-exempt variable rate bond financing program to date.Quatama Crossing was developed in 1998 by the Tudor Foundation and the Simpson Housing Limited Partnership. The refinance brought into the partnership the Washington County Department of Housing Services, in part so that the property could obtain property tax abatement. The 30-year loan amortizes over 30 years. The variable interest rate was underwritten at 5.6% but was initially 3.9%, a source at Prudential tells The money used to pay off the old loan will be held in escrow until the associated bonds are redeemed.Bill Love, executive director of the Oregon Facilities Authority, tells that Qutama Crossing was built with $54 million in bonds, $42 million in Series A bonds and $12 million in Series B. The Prudential refinance covers the Series A bonds, which were sold to the public, says Love. The loan was originated by a team led by Greg Gillam of Prudential Mortgage Capital’s Los Angeles office. The Series B bonds, which were sold privately to the developer and others, were also refinanced, says Love, though not by Prudential. Those bonds only get paid to developers and some others if certain other criteria has been met with regard to overall operation, and that hasn’t happened, says Love.

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