HFF Helps Borrower Obtain Refinancing at Favorable 5.56% Long-Term Rate
- Apr 08, 2010
Salem, Ore.– The Portland office of HFF (Holliday Fenoglio Fowler LP) arranged a $3 million refinancing for Glen Creek Park Apartments, an 86-unit multi-housing community in Salem, Ore.
HFF associate director Tom Wilson worked on behalf of the borrower, Glen Creek Park Apts LLC to secure the 10-year, 5.56 percent fixed-rate loan through HFF’s correspondent Fannie Mae DUS lender, M&T Realty Capital Corp.
“The refinance allowed the borrower to secure long-term financing at a favorable fixed-rate in anticipation of a rising interest rate environment,” says Wilson.
Glen Creek Park Apartments is located at 351-359 Glen Creek Road NW approximately 44 miles southwest of downtown Portland via Interstate 5. The property is currently 99 percent leased.