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WASHINGTON, DC-TIAA-CREF secured $92.6 million in acquisition funding from Fannie Mae via M&T Realty Capital Corp. It used the proceeds to buy a luxury apartment building in the Mount Vernon submarket, MassCourt East End, a 371-unit complex that is 96% leased. TIAA-CREF received a 2.88% fixed-rate loan for the transaction, according to HFF.

Like so many institutional investors, TIAA-CREF routinely recycles assets to maintain a competitive portfolio. And like so many institutional investors—these days at least—it is selecting multifamily as the asset to acquire and hold right now. This past summer, TIAA-CREF has sold two office buildings in Alexandria, Va., for $191 million to J.P. Morgan.

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