FORT LAUDERDALE, FL-As the capital markets continue to thaw, Fannie and Freddie are seeing some refis land with other lenders. The Plantation Colony Apartments in Plantation is one of them.

HFF arranged $23.5 million in financing for the 256-unit multifamily community, working with the borrower to secure the seven-year, fixed-rate loan through Western National Life Insurance Co. Loan proceeds were used to recapitalize the property. HFF senior managing director Paul Stasaitis led the refi.

“The agency avenue is by far the dominant source of capital for the multihousing industry,” Stasaitis tells GlobeSt.com. “The further you go down from the maximum leverage, the more interest you’ll get from other sources beyond the agencies. Lender interest was high on this property, and a life company execution was the most compelling choice.”

Located at 8210 SW 12th St. near Interstate 595 and Pine Island Road, the Plantation Colony Apartments is adjacent to the Cornerstone Corporate Park and Crossroads Business Park, about 12 miles west of downtown Fort Lauderdale. The property recently underwent unit renovations and common area upgrades. It offers one- and two-bedroom units and is 95% leased.

Residents have access to two pools, two lighted tennis courts, a computer lab, car care center, fitness center, playground and dog park. The vintage 1980s complex is near a Fresh Market and a Publix and is within walking distance to major employers.

Although most apartment refis are agency executions, Stasaitis a strong pipeline of maturities and the investor interest in multifamily should cause more money to compete for the deals in 2012. “Despite the fact that the CMBS market has throttled back,” he says, “I think you are going to see a lot of other sources fill in the gap.”