Terrace Capital, Inc.- Announces- $8.87MM Non-Recourse, Multifamily Fannie Mae Loan- Chicago, IL
Terrace Capital has recently arranged for a Fannie Mae guaranty on an $8.87MM, first mortgage, multifamily portfolio located in Chicago, IL
New York, NY (I-Newswire) September 11, 2012 - Terrace Capital has recently arranged for a Fannie Mae guaranty on an $8.87MM, first mortgage, multifamily portfolio located in Chicago, IL. The proceeds were used by the Sponsor, Leon Harris, for the repayment of existing debt and equity for future acquisitions. The mortgage had a 10 year fixed term, a 4.20% rate and a 30 year amortization schedule and was collateralized by five multifamily complexes. Mr. Harris, utilized the services of Terrace Capital to navigate the complex stream of Fannie Mae paperwork and the tedious nature of the process.
The Harris Apartments, a Class A portfolio of five residential complexes with 79 units, are located in Chicago, IL. The buildings have one, two & three bedroom apartments, high end finishes and are well located; with access to all urban life has to offer in some of the most desirable neighborhoods of Northern Chicago, including Lincoln Square, Wrigleyville and Wicker Park.
According to a senior underwriter at Terrace Capital, the Fannie Mae program generally provides the most advantageous rates for non-recourse, multifamily loans though there are multiple markets in the US where Fannie Mae and Freddie Mac are unwilling to lend at a 75% LTV. These markets are called “Pre-review” markets and include such states as Florida, Michigan, Indiana, Ohio and several submarkets in Texas, Nevada, Georgia, California and Louisiana. Terrace has successfully secured non-recourse loans, via CMBS executions, in the aforementioned markets at loan-to-value ratios of 75% and continues to serve clients that are unable to garner Fannie or Freddie financing.
Terrace Capital focuses on non-recourse loans and preferred equity of $5MM and greater on income producing retail, office, industrial, multifamily, self-storage and hotel properties throughout the continental United States.
The Firm is a leader in structuring permanent mortgages and equity for a wide range of real estate transactions.
For more information about Terrace Capital and the services it provides, go to www.terracecapital.com.
About Terrace Capital, Inc
Terrace Capital is an advisory firm and asset manager of private funds. The firm has extensive expe More..rience in structuring all debt and equity layers of the capital stack for commercial real estate transactions.
The Firm is a leader in engineering Balance Sheet or CMBS debt/equity solutions for wide range of real estate transactions.Less..
Terrace Capital, Inc
Phone : 212-671-1031
Published On:September 11, 2012
Print Release:Print Release
If you have questions regarding information in this press release contact the company listed above. I-Newswire.com is a press release service and not the author of this press release.The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies and PR Agencies submit their press releases once per week,month or quarter, make sure to check the official company website for accurate release dates as our site displays the I-Newswire.com press release distribution date only.We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for or omissions in that information or for actions taken in reliance on that information.
The Best Media Planning Services
Food Trends in London
List Companies: Great Website for Business to Business Advertising
Letting Agency Aims to Help Landlords and Students Find Their Perfect Match
Acquire Plenty Amount Of Mobile Accessories From SINOELE