Newmark arranges $369 million Fannie Mae facility for April Housing's Florida portfolio
The interest-only facility splits into a $221.4 million fixed-rate draw and a $147.6 million floating-rate draw across 11 properties.
At a glance
The facility splits into a $221.4 million fixed-rate draw and a $147.6 million floating-rate draw, according to Connect CRE.
A buydown on the fixed-rate portion helped maximize proceeds, according to Connect CRE.
Newmark Group arranged a $369 million interest-only Fannie Mae credit facility for April Housing, a Blackstone portfolio company, backing 11 affordable properties across Florida, Connect CRE reported Oct. 21.
The facility splits into a $221.4 million fixed-rate draw and a $147.6 million floating-rate draw, according to Connect CRE.
A buydown on the fixed-rate portion helped maximize proceeds, according to Connect CRE. Evan Williams arranged the financing for April Housing, with director Ian McIntire, Seante Vang and Nicole Phillips supporting the assignment. The diligence ran through 24 separate regulatory agreements across the 11 properties. The report did not specify the facility's term, all-in rate or maturity.
Newmark also arranged a $76.2 million take-out for Embrey's Orlando apartments earlier in October, per this publication's reporting.
Facility terms
| Party | Role | Amount |
|---|---|---|
| Newmark Group | Arranged the facility | $369M total |
| Fannie Mae | Credit facility provider | $369M |
| April Housing (Blackstone) | Borrower / sponsor | 11 Florida properties |
| Fixed-rate draw | Facility tranche | $221.4M |
| Floating-rate draw | Facility tranche | $147.6M |
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