GERSON LAW FIRM APC represented lenders closing 6 multifamily loans during the last week of May and first week of June 2008.
Loans closed were under Fannie Mae’s DUS lending program, and Freddie Mac’s Program Plus lending program. Loans were closed on properties in California, Utah, Washington and Nevada, and totaled more than $29,000,000. This followed other robust weeks in May in which GLF represented lenders who closed more than $30,000,000.00 in Fannie Mae and Freddie Mac loan executions.
During the same time period, GLF was engaged by a major national provider of equity and debt, who funded a loan in the amount of $19,000,000 secured by multifamily property in Arizona, and engaged by major credit unions funding loans throughout the United States. In a real estate market hard hit by tightening credit, conduit shutdowns, and life insurance companies lessened lending appetite, Fannie, Freddie and credit unions, as well as private providers of debt, clearly reign as leaders in lending.
GLF is actively engaged in loan work-outs, bankruptcy relief of stay proceedings and other engagements resulting from fractured financings made by lenders in the headier 2004-2007 lending cycle.