Abacus receives $48m Freddie Mac financing

The floating rate loan supported the acquisition of a 427-unit apartment community in St. Paul, Minnesota. HFF will service the loan through its Freddie Mac Program Plus Seller/Servicer program.

Affiliates of Abacus Capital Group have received a $48.15 million Freddie Mac loan arranged by HFF.

Burlington apartments, St. Paul, MN
The Burlington, St. Paul, MN

The seven-year floating rate loan supported the acquisition of a 427-unit apartment community in St. Paul, Minnesota.

HFF will service the loan through its Freddie Mac Program Plus Seller/Servicer program, according to the firm’s press release.

The Burlington community, located at 1180 Cushing Circle approximately 6.5 miles northwest of downtown St. Paul, has studio, one- and two-bedroom units ranging from 454 to 1,361 sq ft and is 98 percent leased.

In February, Abacus received $60 million in financing out of a Freddie Mac credit facility also arranged by HFF, that one for the acquisition of 603-unit apartment community in Dunwoody, Georgia.

Freddie Mac multifamily loan purchase and bond guarantee volume last year was $47.3 billion, according to the government agency. Abacus Capital Group acquires, redevelops, manages and sells multifamily properties throughout the US, and the company was founded in 2004.

HFF declined to comment, while Abacus did not respond to request for comment in time for publication.

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