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NEWS September 2004 Gerson Law Firm APC Closes Fannie Mae Loan at McClellan Air Force Base Redevelopment Site GERSON LAW FIRM APC closed a Fannie Mae DUS loan for more than $5,700,000.00 to finance a 123 unit multifamily project on the former McClellan Air Force Base. In connection with closure of military bases across the United States, McClellan Air Force Base was designated for conversion. The Fannie Mae DUS loan made is on property subject to a ground lease between the Department of the Air Force and the County of Sacramento, and further subject to agreements between the County of Sacramento and private development interests. GERSON LAW FIRM APC also closed several other major loans during the month of September, 2004. GERSON LAW FIRM APC represents national lenders on loan closings, special servicing, and enforcement proceedings throughout the United States. The Firm's practice includes representing lenders closing loans under Fannie Mae's DUS lending program and Freddie Mac's program plus for multifamily investments, and the Firm also represents major national banks, conduit lenders and life insurance companies and commercial loan closings for hotels, office buildings, shopping centers, multifamily and construction.  |