By Anuradha Kher, Online News Editor McLean, Va.– Freddie Mac recently purchased a $37.5 million loan from CBRE Capital Markets that helped provide financing for the borrower, Parc Pointe Investors LLC, to refinance the Parc Pointe Apartments (pictured) in Burbank, Calif. The transaction benefited from the Freddie Mac Capital Markets Execution (CME) pilot. Parc Pointe Apartments is an eight-building, 255-unit, three-story garden apartment complex. The apartments were built in 1989-1990 and renovated in 2003. The property is located approximately 13 miles northwest of downtown Los Angeles. “This was the first CME deal for the Newport Beach office of CBRE Capital Markets,” says Troy Tegeler, executive vice president, CBRE Capital Markets. Through CME, Freddie Mac buys conventional mortgages backed by stabilized apartment buildings from its lender network. Depending on market conditions, Freddie Mac will either pool the loans; securitize them through a broker/dealer and sell them in the commercial mortgage-backed securities market; or securitize them and hold them in its portfolio for future sale.Loan size terms for the Freddie Mac CME pilot are from $5 million to $100 million (loans as low as $3.5 million will be considered in certain strong markets), and the available loan terms are five, seven, or 10 years.Arbor Closes $4.95M Fannie Mae DUS LoanDallas–Arbor Commercial Funding LLC recently funded a $4,950,000 loan under the Fannie Mae DUS Loan product line for the 270-unit complex known as Ridgegate Apartments in Dallas. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.63 percent.
TODAY’S DEALS: Freddie Mac Purchases $37.5M Loan from CBRE That Provides Refinancing for 255-Unit Rental Community, and Other Transactions
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