Fannie Mae's headquarters
WASHINGTON, DC—Southern Management Corp., the largest privately-owned residential property-management company in the Mid-Atlantic region, has secured a $2.4 billion Fannie Mae credit facility to refinance 67 multifamily properties in the local area.
Walker & Dunlop closed the transaction, which it says is the largest in its history.
Brendan Coleman and his team at Walker & Dunlop ushered the transaction across the finish line, according to Suzanne Hillman, president and CEO of Southern Management. The deal, which she called "large and complex" was able to be executed "amidst the uncertainty of a rapidly unfolding financial and health crisis," Hillman said in prepared remarks.
The portfolio financed consists of 22,439 units in total, over 60% of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency guidelines.
Coleman, and team members Chris Forte, Connor Locke, Colin Coleman, Adam Johnston, and Skye Stansbury structured the financing using staggered maturities across a mix of fixed and floating-rate, full-term, interest only financing.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
