Birmingham, AL-based Collateral Mortgage Capital LLC is providing a $7.76 million, 10-year loan for the 16-year-old, 200-unit, 27-building multifamily community through Fannie Mae's Delegated Underwriting and Servicing Cash Early Rate Lock product.

Collateral is underwriting the loan at 80% loan-to-value and a debt service coverage ratio of 1.33x. The loan is being amortized on a 30-year schedule. The property's two-story buildings consist of 174,300 net rentable sf.

Collateral officials tell GlobeSt.com the owner is using the loan to pay off the existing first mortgage on the property; pay related closing costs and return a portion of the borrower's equity. The property has a clubhouse, fitness center, volleyball court, two tennis courts, pool and a fenced-in boat area with a gazebo.