The Links at Oklahoma City has 49 two-story buildings with 588 units averaging 800 square feet each. The 98% leased property is situated on 86 acres surrounding a golf course at 700 NE 122nd St. in Oklahoma City, OK.

The Links property received a 20-year, fully-amortizing loan with 65% leverage and an interest rate in the mid-5% range. Carlton says the loan replaces a maturing CMBS loan.

The Greens at Broken Arrow Phase III, which was completed in 2009, offers 216 units in 18 buildings. Units average 843 square feet each and are fully leased. It is located at 2101 East Omaha St. surrounding a golf course in Broken Arrow, OK, a suburb of Tulsa.

The Greens property received a 10-year loan with 75% leverage and 30-year amortization. The loan, which takes out construction financing with permanent debt, has an interest rate in the mid-5% range.

“M&T Bank and Fannie Mae offered the best terms for the refis,” Carlton notes, adding that HFF has a national correspondent relationship with M&T Bank, which means that all Fannie Mae refinancing are transacted with M&T Bank.

Carlton acknowledges that both properties are located in smaller markets, which might be unattractive to some lenders, but not to Fannie Mae. “For that lender, it’s more about the cash flow and the borrower than the market, although Oklahoma City and Tulsa are easily large enough for Fannie Mae,” he says.