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Refinance Loan is Part of a Master Credit Agreement

AUSTIN, TX—Funding for the nonrecourse loan was arranged through Fannie Mae's DUS Structured Adjustable Rate Mortgage loan product and features interest-only payments during the 10-year term.

By Lisa Brown | lisabrown | | Updated on April 25, 2016
Amber Oaks II Camden Amber Oaks II was one of the properties used to secure a refinance loan.
AUSTIN, TX— Grandbridge Real Estate Capital recently closed a $67.55 million refinance loan secured by 947 units in three multifamily properties: Camden Amber Oaks I, Camden Amber Oaks II (Austin, TX) and Camden Design District (Dallas). This initial funding is part of a Fannie Mae master credit facility agreement for Camden Multifamily Value Add Fund LP , an affiliate of Camden Property Trust . Properties in the pool are cross-collateralized and cross-defaulted; with the option to add, substitute or release qualified properties to/from the facility.  The Fannie Mae master credit facility, arranged by Grandbridge senior vice president, Greg Young , could refinance up to $275 million of the fund’s outstanding indebtedness. “The attractive low rate, combined with the credit facility’s flexible terms, substitution features and prepayment options, made this structure fit our client’s current and future refinancing needs,” said Young. Funding for the nonrecourse loan was arranged through Fannie Mae’s DUS Structured Adjustable Rate Mortgage loan product and features interest-only payments during the 10-year term. “We were pleased to partner with Grandbridge, one of our long-time DUS lenders, on this transaction. Crafting custom solutions with our lender partners is what we do at Fannie Mae. This creative execution will allow Camden the flexibility to manage debt across their portfolio and meet the goals of their business strategy now and in the future,” said Sharon Karaffa , director of structured transactions at Fannie Mae. The Camden Property Trust is one of the largest publicly traded multifamily REITs in the country. Young tells GlobeSt.com: “After understanding the sponsor’s conditions of satisfaction, Fannie Mae was a perfect and logical fit. The flexibility of the MCFA afforded Camden and Texas Teachers with the structure they were looking for and our partners at Fannie Mae truly delivered.”

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