Capital Markets Execution Pilot Reaches New Heights at the Ritz Plaza
|Loan/Deal Type:||Freddie Mac Capital Markets ExecutionSM (CME) pilot|
|Number of Units:||479 units|
|Loan Amount:||$150.7 million|
|Location:||New York City|
Freddie Mac's execution was exceptional.
Senior Vice President, Walker & Dunlop
Working closely with Walker & Dunlop, Freddie Mac recently purchased a $150.7 million loan, allowing new Freddie Mac borrower Stonehenge Partners together with its institutional partner to refinance their flagship property, the 479-unit Ritz Plaza, in New York City. The transaction benefited from the Freddie Mac Capital Markets ExecutionSM (CME) pilot and an early rate-lock delivery.
"The professionalism, willingness to tackle complex deal issues, and determination to see the loan through to conclusion, are just a few of the many positive attributes of the Freddie Mac team," said Drew Anderman, Walker & Dunlop senior vice president. "The closing of the Ritz Plaza transaction was an important milestone in providing the liquidity available through Freddie Mac for well located properties with experienced sponsorship. This was one of the largest single asset residential financings in 2009, and Freddie Mac's execution was exceptional."
This transaction represents the largest CME deal Freddie Mac has funded to date. CME loans are typically $5 million to $100 million (loans as low as $3.5 million will be considered in certain strong markets).
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