DEAL OF THE DAY: Johnson Capital Provides $135M in Financing Using New Freddie Mac Mortgage Product

By Anuradha Kher, Online News EditorNorwood, Mass.–Johnson Capital, one of Freddie Mac’s first Seller/Servicers to do so, is using the Freddie Mac Acquisition Rehabilitation MortgageSM product to provide $135 million in financing, for the rehabilitation of the 914-unit Windsor Gardens Apartments in Norwood, Mass.The borrower is using Freddie Mac’s Early Rate-Lock delivery option, choosing to wait 90 days after rate-lock until Freddie Mac’s purchase of the loan.The borrower proposes to make several improvements to Windsor Gardens, including adding washing machines and dryers to the garden-style units, new countertops, cabinet faces and knobs, tubs, shower surrounds, toilets, ceramic flooring, lighting, plumbing fixtures, six-panel doors and new door hardware, new bathroom components and accessories, and installation of new smoke detectors.“The Freddie Mac Acquisition Rehabilitation Mortgage enabled Johnson Capital to provide the client with a well-structured loan product,” says Martin Fayer, senior vice president and principal of Johnson Capital.Michael Edelman, Freddie Mac managing regional director, Northeast Region says, “The mortgage provides the opportunity to recognize the upside potential that a property has and to lend against it.”