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GERSON LAW FIRM APC has closed a Freddie Mac revolving credit facility for up to $100 million.
Theresa Loftsfgard and Shereen L. Rossini led the closing effort for GERSON LAW FIRM for the Freddie Mac secured line-of-credit facility. Under the terms of the facility, continuous funding is provided as multifamily assets, which are each a separate secured loan, are moved in and out of the facility, provided that each asset is a conventional multifamily, senior housing, or student housing.
Among features of the structured finance transaction, were the following:
- 10 multifamily properties were pledged as collateral.
- Multifamily properties located in Florida, Georgia, Michigan, and Mississippi.
- 8 separate loans.
- Each loan cross-collaterized and cross-defaulted.
- Floating interest rate with ability to fix.
- Initial funding of approximately $31,000,000, with ability to utilize up to the full $100 million
- Ability to move properties in and out of the credit facility.