Arbor Commercial Funding has provided a $68 million Fannie Mae loan against the Villas at Langley, a 590-unit apartment property in the Washington, D.C., suburb of Hyattsville, Md.
The 12-year loan, written under Fannie's Delegated Underwriting and Servicing program, requires only interest payments through April 2022, after which it amortizes on a 30-year schedule. It pays a coupon of 4.61 percent.
The loan places a value of $93.1 million on the property, which compares to the $55.6 million appraised value that was pegged to it in 2008. That was driven by a nearly 60 percent increase in net operating income, to $5.8 million. In 2008, the property generated $3.7 million of...
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