Life Co. Wins Multifamily Refi at Subpar 5

BETHESDA, MD-Cassidy Turley secured the $47 million, 10-year fixed-rate loan for The Whitney.

By Erika Morphy | Updated on October 06, 2010

BETHESDA, MD-A life company is providing $47 million in refinancing to an apartment building here. Phil Mudd and Christian Miles of Cassidy Turley secured the 10-year, fixed-rate loan for an LLC that owns The Whitney at Bethesda Theatre residences. The company plans to use the proceeds to pay down existing debt.

It was significant that a life company won the deal as both Fannie Mae and Freddie Mac were competing for it as well, Mudd tells GlobeSt.com. “The agencies were pretty aggressive but the life company looked at the asset and decided it really wanted it, so it bid to win,” he explained. Pricing was sub 5, Mudd says.

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