TAMPA, FL—Insurance companies continue to compete with Fannie Mae and Freddie Mac, which are both getting more aggressive on multifamily loan deals. Fannie and Freddie both cut their interest rates at the beginning of 2014 in a move to go toe-to-toe with top sponsors.

But life insurance companies are still in the game. The latest example is Elan Gateway. The newly-completed, 240-unit, luxury multifamily community in Saint Petersburg, FL won a $25.2 million nod. HFF represented the owners, Thackeray Partners and Greystar, to secure loan.

A life insurance company, whose name was withheld, offered a seven-year, 3.94%, fixed-rate loan. Ownership is using loan proceeds as a forward take-out for the construction financing. The loan was rate locked about nine months before stabilization.