fbpx
DEAL SPOTLIGHT

Fannie Mae Green Program Multi-Family Acquisition

Gregory Gali

27 May, 2021 · 3 min read

Today’s deal spotlight centers on the acquisition of a multi-family property in Waco, Texas. This was a rather intricate assignment, with the Borrowers seeking Agency experience and Fannie Mae Green Program status. Consequently, a significant amount of underwriting and detailed processing was required with no room for error.

What We Were Up Against

There were many challenges, most of which had to be addressed simultaneously:
  • The Borrower group of syndicators and all 5 sponsors had to be provided with documentation and assistance throughout the process.
  • Fannie Mae’s Green Program required numerous on-site visits, mandatory repairs, and a Storm Certification within a relatively short time frame.
  • Treasury rates began increasing.
  • The Borrowers’ legal team was located two time zones away from the lender’s legal and the borrower’s legal team had limited expertise in these types of transactions.
  • The Borrowers’ largest equity position rescinded their contribution at a critical point.

What Our Team Helped Turn Around

Team TDC’s understanding of the market was critical in bringing this deal to a close. We assisted in providing a program to mitigate a market concern that increased proceeds and lowered the rate, brought in a creative mezzanine option that added $1.5 million within a very short time frame prior to close date, approval from our first position lender with last minute changes to the loan structure, assisted in organizing the team to obtain a rate-lock timely before treasury rate increases, went onsite to meet with all parties multiple times, we had all hands on deck communicating and coordinating and pushed through with the following terms:
  • $9,660,000 Loan Amount
  • Mid-3’s Fixed Rate
  • 10-Year Loan Term with 5-years Interest Only
  • 30-Year Amortization with 65% LTC Inclusive of CAPEX & 3% Soft Costs

    The team at Terrydale Capital consistently goes above and beyond to secure the best possible refinancing terms for our clients. Are you dealing with issues related to market volatility during COVID-19? Worried about high fees and missing out on better options? We have ways to help. Give us a call and see what we can do for you.

    Your Success is our Priority!

    Want first access to active opportunities and a preferred investor status?

    Want to receive Weekly Market Updates, Deal Spotlights, Off-Market Opportunities, and Referral Rewards(including up to $2,500 off your next approval or a new Peloton)?

    More Deals and Updates

    Michigan Industrial Refinance

    Michigan Industrial Refinance

    DEAL SPOTLIGHT Michigan Industrial Refinance 16 June, 2022 · 4 min readToday’s Deal Spotlight takes us to Lapeer, Michigan, where we facilitated the refinance of an Industrial property asset. Despite the rising rate environment and other conditions, our client was...

    Early Rate Lock Industrial Acquisition | Warren, Ohio

    Early Rate Lock Industrial Acquisition | Warren, Ohio

    DEAL SPOTLIGHT Early Rate Lock Industrial Acquisition | Warren, Ohio9 June, 2022 · 2 min readToday’s Deal Spotlight centers on the acquisition of an industrial commercial property asset in Warren, Ohio. Despite the rising rate environment, our client was looking to...

    Double Loan Multi-Family Acquisition | Dallas, Texas

    Double Loan Multi-Family Acquisition | Dallas, Texas

    DEAL SPOTLIGHT Double Loan Multi-Family Acquisition | Dallas, TexasJune 2, 2022 · 2 min readToday’s Deal Spotlight centers on the acquisition of a multi-family real estate asset in Dallas, Texas. Because one property was a 4-unit complex that did not qualify as...

    State of the Market | May 2022

    State of the Market | May 2022

    Market Updates Commercial Real Estate Market Update | May 2022May 26th, 2022 · 4 min readTerrydale Capital is actively providing capital solutions to our clients. We are in constant discussions with our capital market resources and are also identifying new resources...

    Quick Land Acquisition Loan | Jarrell, Texas

    Quick Land Acquisition Loan | Jarrell, Texas

    DEAL SPOTLIGHT Quick Land Acquisition | Jarrell, TexasMay 19, 2022 · 2 min readToday’s Deal Spotlight centers on a land acquisition in Jarrell, Texas. Our clients wanted to partner with experts in this niche, so they chose TDC. What We Were Up Against There was a time...

    Hard Money Loans

    Hard Money Loans

    LEARN Hard Money Loans: A Solid, Short-Term StrategyMay 11, 2022 · 5 min readInvesting in the commercial real estate industry is an excellent way to grow and diversify your portfolio, especially if you’re looking for long-term stability and strong returns. However,...

    Single-Tenant Retail Refinance | Pueblo, Colorado

    Single-Tenant Retail Refinance | Pueblo, Colorado

    DEAL SPOTLIGHT Single-Tenant Retail Refinance | Pueblo, ColoradoMay 05, 2022 · 2 min readToday’s Deal Spotlight centers on the refinance of a single-tenant retail asset in Pueblo, Colorado. Our client had high hopes for the results of this deal, and of course, our...

    State of the Market | April 2022

    State of the Market | April 2022

    Market Updates Commercial Real Estate State of the Market: April 2022April 28th, 2022 · 4 min readTerrydale Capital is actively providing capital solutions to our clients.   We are in constant discussions with our capital market resources and are also identifying new...

    Sign Up For The New Terrydale Newsletter!

    Receive Market Updates, Industry Specific Blogs, Active Opportunities, Off-Market Opportunities, And Referral Rewards Directly To Your Inbox

    You have Successfully Subscribed!