Mission Residential LLC, the multifamily real estate investment firm based in Oakton, Va announced that it has secured a $100-million Fannie Mae debt financing commitment from Columbus, OH-headquartered Red Mortgage Capital, Inc., one of the nation's leading Fannie Mae DUS lenders. Under terms of the agreement, Fannie Mae will provide permanent first mortgage debt financing to Mission under this facility with pre-negotiated underwriting terms and agreed upon documentation. The Company just tapped the line for $26.4-million to close Mission Matthews Place in Charlotte, NC. The 392-unit class “A” apartment community is its sixth property in that metro area.
“Access to attractive debt capital during this period of credit market stress provides us with a huge advantage in making acquisitions,” said Christopher C. Finlay, managing principal. “Not only are the underwriting terms and pricing very attractive, but we couldn’t ask for better certainty of execution for our deals.”
The Mission executive emphasized that Red Capital was instrumental in working with them diligently to gain approval from Fannie Mae for the debt facility.
“We use a highly tax advantaged trust structure for our private placements,” he explained. “Red Capital invested the time to understand the advantages of this structure and was able to clearly communicate this to Fannie Mae so that they too saw the benefits.”
Mission Residential is a multifamily real estate investment and operating company with offices in Oakton, VA and Austin, TX. Founded in 2004, Mission Residential acquires and manages apartment communities that offer residents a high quality lifestyle at an affordable price. Mission Residential owns and manages 30 properties in Charlotte, Raleigh, and Greensboro, NC; Atlanta, GA; Dallas and Austin, TX; and Nashville, TN
Source: BusinessWire.com