DEAL OF THE DAY: Freddie Closes Two Deals Worth $139M with NorthMarq
- Mar 14, 2008
By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac, along with NorthMarq Capital, recently closed two deals worth $139 million representing 14 properties in Texas, for borrower Birchmont Capital.“In the midst of the current capital crisis, Freddie Mac has shown how it not only provides stability, liquidity and affordability to the market, but how it is opening up opportunities to new borrowers,” says Rich Martinez, Freddie Mac Central Region managing director. “Freddie Mac’s central region personnel worked very hard to deliver the loans as quoted during a time when credit market conditions were deteriorating rapidly,” says NorthMarq Senior Vice President, Greg Duvall. “Their service was critical to the successful consummation of these transactions.”After rate-locking an original $56 million pool of six mortgages, Birchmont added an additional pool of nine mortgages, which Freddie Mac rate-locked, less than one month later. For the second transaction, Freddie Mac delivered $83 million in funding, enabling Birchmont to acquire nine properties totaling 2,488 units in Dallas, Houston, and San Antonio, Texas.