LOS ANGELES—The unnamed owner of a nine-property multifamily portfolio in Los Angeles County has secured $79.5 million through Freddie Mac's Fast Track Early Rate-Lock Program. The program allows borrowers to secure an interest rate and loan amount after the application. The borrower plans to use the funds to refinance existing debt on the properties.
Through the Freddie Mac program, the borrower was able to lock in a rate of approximately 4%. The fixed-rate loan has a 10-year term and a 3.5-month early-rate lock. Additionally, the loan has a 65% loan-to-value and a 30-year amortization schedule with some prepayment penalties waved. Allan Freedman, EVP at Berkadia Commercial Mortgage secured the loan on behalf of the borrower. According to Freedman, he was able to lock in the rate only days after signing the loan application.
The nine-property multifamily portfolio is located throughout Los Angeles County. In total, it has 900 units and is 95% occupied. Owners of well-occupied multifamily portfolios, like this, have been securing significant loans to refinance the properties. Earlier this month, Raintree secured $31.1 million through Fannie Mae Structured Arm for a three-property multifamily portfolio. The loan amounts for each property ranged from $11.9 million to $8.7 million.
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Kelsi Maree Borland
