Freddie Mac Funding Helps Bring Added Value to Major Southern California Rental Property
|Name:||Loma Palisades Apartments|
|Location:||San Diego, Calif.|
|Loan/Deal Type:||Fixed Rate Mortgage|
|Number of Units:||546 units|
|Loan Amount:||$73.7 million|
Freddie Mac recently purchased a $73.7 million loan from Wells Fargo Bank to help first-time Freddie Mac borrower, Loma Palisades, a California general partnership, refinance the 546-unit Loma Palisades Apartments. The 68-building, garden-style complex in San Diego was built in 1959. A portion of the proceeds will help complete the rehabilitation of all the units' interiors.
"The client was extremely impressed with the pricing, execution, and general client-focused approach that the team took, which helped deepen an important banking relationship."
Wells Fargo Multifamily Capital head of production
"The Freddie Mac Western Region performed incredibly well delivering results quickly and seamlessly on this refinance with one of Wells Fargo's clients," says Tom Szydlowski, Wells Fargo Multifamily Capital head of production. "The deal was rate-locked and funded in 45 days in an extremely volatile rate environment. The client was extremely impressed with the pricing, execution, and general client-focused approach that the team took in underwriting the credit, which helped deepen an important bank relationship."
The transaction benefited from the Freddie Mac Fixed-Rate Mortgage product utilizing the Freddie Mac Early Rate-Lock option. With versatile amortization schedules and terms, the Freddie Mac Fixed-Rate Mortgage allows you to create a finance solution that meets your investment strategy.
Freddie Mac Early Rate-Lock allows you to lock the interest rate up to four months prior to the anticipated purchase of the loan by Freddie Mac. The Freddie Mac Extended Early Rate-Lock option is also available for both acquisition and refinance transactions, allowing you to lock the rate up to 12 months prior to anticipated purchase by Freddie Mac.
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