Apartment Financing America was tasked with providing long-term apartment financing for this Texas multifamily project. The subject property, which is known as the Concord at Little York Apartments, is a Texas multifamily affordable housing project. The property owner needed a permanent mortgage loan and strongly preferred non-recourse financing (financing that provides no personal liability as to the borrower in the case of monetary default).
Located in the West Little York neighborhood of Houston Texas, the Concord at Little York was a reasonably new, 276 unit garden style apartment complex that was in good condition. Because the property condition and age of the property were not a hurdle to financing, the entire universe of multifamily financing options were available for this project. We examined all available GSE insured apartment loans and selected a Fannie Mae Apartment Loan Texas.
Fannie Mae Apartment Loan Texas Case Study
|Project||Fannie Mae Apartment Loan Texas › Fannie Mae DUS Multifamily Loan|
|Project||Concord At Little York Apartments Houston Texas|
|Location||301 West Little York Road, Houston Texas 77076|
|Property Type||Multifamily Affordable Housing|
|Loan Type||Fannie Mae Multifamily Delegated Underwriting and Servicing (DUS)|
|Loan Program||Fannie Mae DUS › Multifamily Affordable Housing|
|Project Size||276 Units|
Fannie Mae Apartment Loan
- Apartment loan minimum $750,000
- Preferred loan minimum $3,000,000
- No maximum loan amount
- 80% Loan to Value Ratio
- Self amortizing 30 year term
- Low, fixed interest rate
- 1.25x debt coverage ratio
- Non-recourse as to the borrower
- FNMA DUS Multifamily Details
Fannie Mae Apartment Loan Texas Video
Fannie Mae Apartment Loan Texas Location
More Info About Fannie Mae Apartment Loans
Fannie Mae multifamily loans provide liquidity, stability and affordability for apartment financing by serving the secondary mortgage market as a reliable source of multifamily mortgage capital. Some 85% of the apartments financed with Fannie Mae apartment loans are affordable to families earning at or below 100% of the area’s median income level. The vast majority of Fannie Mae multifamily loans are for workforce housing.
Fannie Mae provides financing to a wide spectrum of the multifamily housing market. Fannie Mae multifamily financing is available for market rate apartments, rent-restricted affordable housing, housing cooperatives, seniors housing projects, student housing and manufactured housing communities. Fannie Mae apartment loans are available for loans greater than $1 million ($750,000 for Fannie Mae Small Multifamily Loans) up to $1 billion structured transaction facility.
A network of Delegated Underwriting & Servicing (DUS) lenders originate Fannie Mae apartment loans using a shared risk model. The majority of Fannie Mae DUS multifamily loans are supported with private capital and 98% of the liquidity Fannie Mae delivers to the multifamily market is supported by private capital through the purchase of Fannie Mae mortgage backed securities by private investors.
View details about all of the Fannie Mae Loan Programs we offer.