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$42M Loan Closes with Locked Rate From July

LOS ANGELES—StarPoint Properties secures a loan through Freddie Mac's CME program, locking in a rate in July with a delayed close, GlobeSt.com reports in this UPDATE to a previous story.

By Kelsi Maree Borland | Updated on March 05, 2015

LOS ANGELES—StarPoint Properties has secured a $42 million loan through Freddie Mac‘s CME program for the purchase of the Lafayette Parc multifamily complex. Last year, GlobeSt.com reported exclusively that StarPoint purchased the property for $51.8 million from an undisclosed seller. Now, we have learned that StarPoint also secured significant financing for the acquisition, locking in the spread in July 2014, four months before the it closed on the property in October 2014.

“It is not common to lock a spread four months in advance,” Trevor Fase, SVP at Walker & Dunlop, tells GlobeSt.com. “Typically acquisition due-diligence periods are 60 days in length. Per the PSA the seller of the property requested a delayed closing until the end of October. We were able to structure the loan with a competitive rate to accommodate the seller’s requested closing date. Being able to lock in the interest rate and extend the closing allowed the borrower to take rate risk off the table while they were performing their due diligence. Sellers prefer a tighter closing period to avoid interest rate volatility.” Fase secured the funds on behalf of the borrower.

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