DALLAS-Fannie Mae says “yes” to Dallas-based FirstWorthing’s positioning to beef up its existing eight-property University House portfolio. The $150-million dedicated loan facility marks the first of its kind for the student housing industry, says Stuart Wernick, president of Dallas’ Quantum First Capital.

The program will enable FirstWorthing to build a portfolio instead of making “one-off” buys, Wernick explains to GlobeSt.com. The credit line carries a five-year term. Not only can the adjustable rate be spun into a fixed rate at any given time, but it nips closing time to just 30 days, he adds.

As soon as Fannie Mae signed final papers, FirstWorthing immediately pulled its 232-unit property at North Carolina State University in Raleigh, NC into the funding pool. FirstWorthing’s year-old student housing division, University House, paid $13 million in July for the property.

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