Newmark Group arranged a $369 million Fannie Mae credit facility on behalf of April Housing.
The facility supports the long-term preservation of an 11-property affordable housing portfolio located throughout Florida.
I read this as a deliberate split that locks in long-term certainty on most of the debt while keeping a floating piece for flexibility.
The financing consisted of a $221.4 million fixed-rate draw and a $147.6 million floating-rate draw. The facility was structured as an interest-only facility through Fannie Mae.
A buydown on the fixed-rate portion of the facility helped maximize proceeds and support the overall financing strategy. Newmark's Evan Williams arranged the financing on behalf of April Housing, with Director Ian McIntire, Seante Vang and Nicole Phillips also supporting the assignment. The transaction presented several complexities, including the review and analysis of 24 separate regulatory agreements across 11 properties.
Ask your lender if a buydown can stretch your own proceeds.