MORRIS COUNTY, NJ-Mark Scott of Commercial Mortgage Capital recently closed a 15-year, self-liquidating permanent loan on a stabilized multifamily property here. The borrowers were seeking a non-recourse refinance of a well-maintained property with excellent historical performance that had never been encumbered by debt.
The client was very sensitive to rate and desired a long-term, fixed rate loan, says Scott, who negotiated the low-leverage loan with Fannie Mae DUS lender, AmeriSphere Multifamily Finance.
Scott founded Livingston, NJ-based CMC in 1996 and has since provided over $3 billion of debt and equity for his clients. CMC is a correspondent for Fannie Mae, Freddie Mac and life company and bank lenders.
As for the fate of future financing, Scott believes we will begin to see more life company lenders, which scaled back or exited the market in recent years. But in the short term, he says, the GSEs will continue to dominate the market for higher loan-to-value--above 60% to 65%--loans.
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