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CHICAGO-In two different portfolio transactions, Wells Fargo has closed $85.3 million in Freddie Mac loans. The money will refinance eight apartment facilities in the Chicago area.

“We worked in concert with Freddie Mac and the borrower to structure the pool to provide as much prepayment flexibility as possible, while still keeping the initial note rate under 4%. Freddie Mac performed masterfully and the borrower is thrilled with the outcome,” says Brian Manion of Wells Fargo Multifamily Capital’s Chicago office.

The first portfolio totals $44.3 million and includes seven Freddie Mac loans. The closing will allow the financing of seven high-rise apartment complexes totaling 1,989 units.

The second transaction saw the closing of a $41-million Freddie Mac loan for the refinancing of a 43-floor apartment building downtown. According to a Wells Fargo release about the deal, the non-recourse loan carries a seven-year term. The 656-unit property also includes 12,727 square feet of retail space.

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