Fannie Mae Green Program Multi-Family Acquisition
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
- 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- The Borrowers’ largest equity position rescinded their contribution at a critical point.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
- $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.
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