Mike May, VP of Multifamily Housing for Freddie Mac sees a tough year ahead, but not as bad as it might have been. Thanks to Freddie Mac and Fannie Mae, the multifamily industry was able to stave off the kind of collapses seen in other commercial real estate sectors. The companies comprised about 80 percent [...]
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According to the latest issue of Multifamily Executive magazine, the multi-family market is being buoyed by loans from Freddie, Fannie, and HUD-backed FHA loans. The bad news is that for buyers or developers unwilling or unable to get financing from these sources, there’s virtually no other alternative right now. Although rumors are starting to circulate [...]
Our group recently received a loan commitment from Evanston Financial for just over $10M to cover the construction and long term financing for our 132-unit apartment development. Evanston, an affiliate of Oppenheimer, will package the loan as MAP lender for HUD under the 221(d)4 New Construction Program. The interest rate is currently at 6.0%, plus [...]
By: Jerry Ascierto Capmark Financial Group is heading towards default, as the troubled lender weighs whether to file for bankruptcy after posting a $1.6 billion loss for the second quarter. It’s a steep fall from grace for Capmark, who originated more Freddie Mac and FHA debt than any other lender last year and has consistently [...]
