HFF associate director Tom Wilson and senior managing director Lloyd Minten (top right photo) worked exclusively on behalf of the borrower, Creekside Estates, LLC in arranging the 10-year, 5.435% fixed-rate non recourse loan through Wachovia Multifamily Capital, Inc. FNMA.
Creekside Estates (photo at left) is located at 5101 NE 121st Avenue close to Interstate 205 in Vancouver. The community was built in three phases, the most recent in 2000, and includes a recreation center with an indoor swimming pool. Creekside Estates is currently 92% leased.
“The agencies (Fannie Mae and Freddie Mac) continue to lead the way for financing in the multifamily sector,” said Wilson. “They are a reliable source of non recourse capital with no interest rate floors to their pricing.”