NEWS

February 2004

Two Major Fannie Mae Multifamily Loans Close For More Than $37,000,000.00.

GERSON LAW FIRM APC assisted a major national Fannie Mae DUS lender in closing within a two-week period in February two loans under Fannie Mae's DUS Program in the amount of $18, 275,000.00 and $19,500,000.00.

The first loan for $18,275,000.00 was for a mobile home park in Hayward, California, which is part of the Oakland multifamily market. The mobile home park included 462 pads, as well as two clubhouses and other amenities.

The second loan for $19,500,000.00 was for an apartment complex consisting of 176 units in Los Angeles County's Culver City apartment market.

GERSON LAW FIRM APC represents lenders closing loans under Fannie Mae's DUS lending program and Freddie Mac's Program Plus for multifamily investments, and also represents major national banks, conduit lenders and life insurance companies in commercial loan closings for hotels, office buildings, shopping centers, multifamily and construction.