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NEW YORK CITY-Locally based HSBC Bank USA NA provided $99 million of fixed-rate Fannie Mae loans to El-Ad National Properties LLC, an affiliate of El-Ad US Holdings. The financing was related to the purchase of seven apartment properties or 1,666 units.

The properties are located in Texas, Georgia, and Florida, and are part of a larger portfolio acquisition that El-Ad completed in 2007. Those close to the deal tell GlobeSt.com that they are not at liberty to divulge the seller’s identity at this time.

The source further explains that in terms of total square footage the seven properties total just more than 1.6 million sf. “HSBC’s established expertise in commercial real estate, blended with the success of the Fannie Mae and Freddie Mac programs, helps ensure top customer service and one-stop-shopping for our growing client base,” notes Glenn Grimaldi, HSBC’s EVP of Commercial Real Estate, in a prepared statement.

El-Ad National Properties LLC is a subsidiary of the El-Ad Group Ltd, a major international presence in the real estate and hotel industry. The El-Ad Group has significant operations in Israel, Europe, Canada, and the US.

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