Student Housing Transaction Benefits From Freddie Mac Capital Markets Execution Pilot
| Name: | Rivercrest Apartments |  |
| Location: | Waco, Texas | |
| Loan/Deal Type: | Capital Markets ExecutionSM Pilot | |
| Number of Units: | 233 units | |
| Loan Amount: | $9.7 million |
Freddie Mac recently purchased a $9.7 million mortgage from Capmark Finance using the Freddie Mac Capital Markets ExecutionSM pilot to help refinance a student apartment complex, allowing the borrower to access equity in the property. The property, Rivercrest Apartments, is a 12-building, 233-unit, garden-style complex near Baylor University in Waco, Texas, serving almost entirely students.
"The borrower appreciated the high level of service and the multitude of options that Freddie Mac provided them."
Mike Bryant
senior vice president, Capmark Finance
"The borrower appreciated the high level of service and the multitude of options that Freddie provided them," said Mike Bryant, Capmark senior vice president. "After weighing the various ARM and fixed-rate quotes, the CME pilot allowed the borrower to receive the desired level of proceeds and fix the rate for 10 years. I believe the quickness in quoting the various options allowed Capmark and Freddie Mac to win the business."
This transaction also benefited from the Freddie Mac Fixed-Rate Mortgage product with partial interest-only and an Early Rate-Lock option. The versatile amortization schedules and terms, including partial interest-only, allow you to create a finance solution that meets your investment strategy.
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