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This $150,000,000 Fannie Mae DMBS Facility Agreement was closed in late July 2004. The facility agreement has created a vehicle for which the Borrower can finance several properties within the same pool. The Borrower has been able to take advantage of extremely low LIBOR floating rates and lock into a lifetime rate using a cap, while still having the flexibility to convert to fixed rate financing. Please see DMBS Structured Financing. |
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Gates
of Frankford Springs |
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Marquis
at Legends
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The first loan placed into the facility agreement pool was a permanent loan for $22,100,000 to refinance Shoal Creek Apartments in July of 2004. The property is a 408 unit luxury apartment complex located in Bedford, Texas within the Dallas/Fort Worth MSA. The second loan placed into the pool was a permanent loan for $20,953,000 to acquire the Gates of Frankford Springs in September of 2004. The property is a 332 unit luxury apartment complex located in Dallas, Texas also within the Dallas/Fort Worth MSA. The third loan placed into the pool was a permanent loan for $40,140,000 to refinance Tala Vera and The Marquis at Legends Apartments in December of 2004. Tala Vera, with 336 units, and Marquis at Legends, with 306 units, are both luxury apartment complex located in San Antonio, Texas.
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This $16,400,000 permanent loan was closed in April of 2004 for the purpose of refinancing the Rensselaer County Plaza. The loan was a ten year term amortized over 30 years at a 75% LTV. The 296,652 sf retail strip plaza, which is located in Rensselaer , NY , underwent an expansion including their anchor tenant Wal-Mart (tenant since 1992) enlarging their facility into a super center. The developer of the property is one of the Capital Region's most successful and experienced and who currently owns several Wal-Marts, Home Depots and other large retail centers. |
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The construction loan for The Mansions at Technology Park Phase II was replaced by a permanent loan for $11,200,000 and a $700,000 mezzanine loan in December of 2003. The loans have ten year terms amortized over 30 years, the permanent having an LTV of 75%. The Mansions at Technology Park is a luxury apartment complex located in Rensselaer, NY. The 140 unit Phase II was constructed in late 2003 adding to the 250 unit Phase I, which was constructed in 2002. Each unit has an attached garage and the two properties share common amenities such as clubhouse, pool and fitness center. The Mansions at Tech Park is the second project by one the Capital Regions newest and fastest growing developers who have successfully introduced Class A apartment communities to the area. |
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