Beleaguered Freddie Mac is still making loans and Capmark Finance Inc., closing deal after deal, is actively paving the way for its clients to be on the receiving end of the funds. In separate transactions, the real estate loan servicer recently originated a total of approximately $63.9 million in permanent debt for two multi-family properties located in Philadelphia and Pembroke Pines, Fla.\u00a0Acting on behalf of BR Penn Realty Owner L.P., Capmark secured $33 million for the refinancing of the 265-unit apartment community at 640 N. Broad St. (pictured) in Philadelphia. The ownership acquired the property, originally erected in 1913 as an industrial manufacturing facility, in 2004 for about $9 million and transformed it into residences three years ago. \u00a0Capmark also orchestrated a $30.9 million Freddie Mac loan for Pembroke Cove South L.L.C. for the purchase of the 320-unit Pembroke Cove apartment community in Pembroke Pines, Fla.\u00a0 A 361,100-square-foot garden-style complex, Pembroke Cove was developed 12 years ago on nearly 23.4 acres at 13401 NW 5th St. \u00a0The occupancy levels at Broad St. and Pembroke Cove, 94 percent and 92 percent respectively, speak to the general stability of the U.S. apartment sector. With demand spurred by housing needs of former single-family homeowners, the inaccessibility of credit for would-be homeowners and general population growth, the demand for apartment residences is still quite strong, leaving the sector in a far better position than most other property groups–for now. Escalating job losses and competition from shadow rentals, according to a report by Marcus & Millichap Real Estate Investment Services, will likely put quite a damper on occupancy levels later year. \u00a0For the time being, the apartment market’s desirable fundamentals, as well as other factors, are translating into a fairly consistent stream of deals for Capmark through its Freddie Mac and Fannie Mae programs. Some of the larger transactions include the company’s orchestration of nearly $40 million in permanent debt from Fannie Mae for the refinancing of a 320-unit multi-family asset in North Wales, Pa., and the origination of an aggregate $62.4 million in permanent fixed-rate Fannie Mae debt for the refinancing of two apartment properties in Connecticut. \u00a0\u201cA big part of our success is due to the confidence our clients have in Capmark,” Jeff Heath, senior vice president with Capmark, told CPN. Heath orchestrated the 640 N. Broad St. transaction, while colleague Bob Falese handled the Pembroke Cove financing. “Most of them know that Capmark Finance has been the number-one seller\/servicer for Freddie Mac since 1998. Also, they know we will work to for them to obtain and execute on the best terms in the marketplace.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Beleaguered Freddie Mac is still making loans and Capmark Finance Inc., closing deal after deal, is actively paving the way for its clients to be on the receiving end of the funds. In separate transactions, the real estate loan servicer recently originated a total of approximately $63.9 million in permanent debt for two multi-family properties…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825],"tags":[],"class_list":["post-1003953007","post","type-post","status-publish","format-standard","hentry","category-finance"],"acf":[],"yoast_head":"\n