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BETHESDA, MD-Locally-based Green Park Financial has closed on a $102.9-million addition to an in-place credit facility for Milestone Multifamily Investors LP–a joint venture between the Milestone Group and Invesco Real Estate. Green Park placed the facility with Fannie Mae–one of the largest transactions it has closed with the GSE this year, Andrew Tapley, senior vice president, tells GlobeSt.com.

This transaction, which closed a few weeks earlier, is giving Green Park a boost towards its projected goal of closing between $1.4 billion to $1.5 billion in Fannie Mae loans for 2008, he says. “Despite the agency’s difficulties, there have been no signs that it is pulling back from multifamily lending.”

The Milestone-Invesco facility was secured by a 3,000-unit portfolio stretching out across eight garden-style, class B properties in Arizona, Florida and Texas. The original credit facility, which Green Park closed for the borrower in March 2005, was for $322 million. The new pool of loans are cross-defaulted and cross-collateralized mortgages from Fannie Mae’s discounted MBS window–a floating rate program. They are a series of discounted non-interest bearing advances, and have a five-year term with an option to extend for another five years.

The apartments in the portfolio include in Texas: the 280-unit Arbor Creek, in Lewisville; a 272-apartment building, Arbors of Euless, in Euless; Cimarron Parkway, in Katy, that has 272 units; Enclave at Cypress Park, in Houston, with 384 units; the 706-unit Woods of Bedford, in Bedford; and the 586-unit Parks at Treepoint, in Arlington. In Arizona, the 290-unit Meadow Glen in Glendale is part of the portfolio. In Florida, there is the 210-unit Saratoga in Melbourne.

This transaction is a welcome signpost for the multifamily industry that is becoming more and more anxious about the role Fannie Mae and Freddie Mac will play in the industry going forward. So far it has been business as usual, according to the National Multifamily Housing Council–although scenario testing for different approaches at the agencies are about to get underway, if they haven’t already, David Cardwell, vice president of capital markets and technology of NMFHC, told GlobeSt.com in an earlier interview this month.

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