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2018-01-12  15:27

CIJ USA

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Presidium secures flexible $100m Freddie Mac facility

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The Presidium Group has locked up a $100 million Freddie Mac Revolving Credit Facility. Walker & Dunlop worked on behalf of the borrower. The credit facility was initially secured by two multifamily properties, Solaris and The Violet, both located in Austin, Texas. The funding was structured with an additional $50 million in excess capacity for a potential of $150,000,000 in total financing. The five-year, flexible, non-recourse, secured line of credit was structured with a full term of interest-only payments. This type of financing allows the sponsor great flexibility, including the ability to secure credit and pricing terms prior to identifying property assets to back the debt. Real Estate Finance Managing Director Alex Inman led the Walker & Dunlop team in arranging the financing.

"Structured products can pose many new challenges not found in conventional agency products. Loan documents are different; the underwriting is different; even obtaining credit approval is different. Due to these complexities, many lenders don't even consider this offering, but after careful analysis of the borrower's investment strategy and long-term goals, it became increasingly evident that a Freddie Mac credit facility was going to be the most beneficial to the overall project." said Alex Inman.

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