This transaction, which closed a few weeks earlier, is giving Green Park a boost towards its projected goal of closing between $1.4 billion to $1.5 billion in Fannie Mae loans for 2008, he says. "Despite the agency's difficulties, there have been no signs that it is pulling back from multifamily lending."

The Milestone-Invesco facility was secured by a 3,000-unit portfolio stretching out across eight garden-style, class B properties in Arizona, Florida and Texas. The original credit facility, which Green Park closed for the borrower in March 2005, was for $322 million. The new pool of loans are cross-defaulted and cross-collateralized mortgages from Fannie Mae's discounted MBS window--a floating rate program. They are a series of discounted non-interest bearing advances, and have a five-year term with an option to extend for another five years.

The apartments in the portfolio include in Texas: the 280-unit Arbor Creek, in Lewisville; a 272-apartment building, Arbors of Euless, in Euless; Cimarron Parkway, in Katy, that has 272 units; Enclave at Cypress Park, in Houston, with 384 units; the 706-unit Woods of Bedford, in Bedford; and the 586-unit Parks at Treepoint, in Arlington. In Arizona, the 290-unit Meadow Glen in Glendale is part of the portfolio. In Florida, there is the 210-unit Saratoga in Melbourne.