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Financial news media depicts a slumping Fannie Mae and Freddie Mac amidst record residential foreclosures, but with the notable exception of the New York Times on August 13, 2008, no major publication has reported the meteoric level of apartment financing being provided by Fannie Mae and Freddie Mac as it fills the void created by disruptions in the capital markets and other sectors of commercial real estate finance.
GERSON LAW FIRM APC during July continued to represent Fannie Mae and Freddie Mac lenders closing multifamily loans. Fannie Mae DUS loans closed by GLF during the last week of June included 2 loans for more than $13,400,000.00. This activity continued through July when GLF closed 6 additional Fannie Mae loans for more than $71,000,000.00.
During the same period, GLF represented a Freddie Mac Program Plus Seller/Servicer, who originated, underwrote, funded and will service a $36,000,000.00 loan for a 216 year apartment complex in Sunnyvale, California, as well as $7,000,000.00 financing for the acquisition of 96 unit garden-style apartment community in Oxnard, California.
GLF’s Litigation Department among activities, represented a major California shopping developer with landlord-tenant litigation against a national tenant, and defended an American With Disabilities Act lawsuit. GLF Transactional Department represented a national food tenant seeking leases for more than 2,400 square feet of space in Orange County, California and Salt Lake County, Utah.