LaSalle Investment Management has secured $163 million in Fannie Mae-backed financing. This serves to refinance three multifamily properties in Washington, D.C., Northern Virginia, and Oregon. Newmark, a Delegated Underwriting and Servicing (DUS) lender for Fannie Mae, provided the loan for the portfolio comprising a total of 833 residential units.
The financing was arranged by Jordan Roeschlaub, Christopher Kramer, Aaron Golesorkhi, and Capri Van Gilder of Newmark. The transaction refinances LaSalle's existing, cross-collateralised Fannie Mae credit facility for the properties in question. It also allows for the future addition of further collateral.
Financing Details
According to Newmark, the deal offers long-term financing while maintaining conservative leverage ratios and solid credit metrics. The structure of the financing underscores confidence in the underlying property values and LaSalle's ability to meet its obligations.
The portfolio includes diverse properties strategically located in growth markets. LaSalle Investment Management did not immediately comment on the transaction when asked.
Portfolio Components
- —14W Apartments at 1315 W Street NW in Washington, D.C.
- —Pearson Square at 410 South Maple Avenue in Falls Church, Va.
- —Nexus at Orenco Station at 1299 NE Orenco Station Parkway in Hillsboro, Ore.
These properties form a diversified basis within LaSalle's portfolio and benefit from their respective local markets. The continued attractiveness of multifamily assets in these regions is reflected in the successful refinancing, which secures a stable capital structure for future developments.
