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Freddie Mac gives $180 million to Southwestern units
McLean, Va. -based Freddie Mac has closed a $180 million split-loan transaction to G&I Residential Portfolio LLC, a company backed by New Yorkbased DRA Advisors Inc. and San Francisco-based BRE Properties Inc. The deal will refinance 19 apartment complexes with a combined total of 4,240 units in Phoenix; Tucson, Ariz.; Albuquerque, N.M.; and Las Vegas. Approximately 98% of the apartments are units for low- to moderate-income residents. New York-based HSBC Bank USA originated and sold the deal.
Freddie Mac's split-loan program combines fixed-rate and London InterBank Offered Rate (LIBOR)-based variable-rate debt. In this deal, $135 million of the total debt consists of sevenyear, fixed-rate debt, while the remaining $45 million consists of seven-year LIBOR-based variable rate debt.
New England lands near the Gateway Arch
Cape Albeon, an $18.2 million luxury senior living complex next to two manmade lakes in St. Louis, has opened. The facility, featuring a 49 ft. lighthouse and designed to resemble a New England seaside village, contains apartments, cottage homes and assisted living units. St. Andrew's Management Services, based in St. Louis, is the developer and manager of the project; Paric...