CBRE, the highest-producing Freddie Mac multifamily mortgage seller, has originated a $43.5m Freddie Mac loan on a sprawling apartment complex in Marietta, Georgia.
The seven-year loan backs BH Management Services’ $58m acquisition of the Barrington Mill Apartments at 1560 Terrell Mill Road, marking the 20th living community BH manages in Georgia. The 752-unit gated community, built in 1985, is set across 25 acres, with amenities including a fitness centers, tennis courts and swimming pools.
CBRE Capital Markets was the top originator of Freddie Mac loans in 2014, with $5.7bn in financing, the same volume it completed in 2013. It was followed by Berkadia Commercial Mortgage and Walker & Dunlop, which completed $4.4bn and $2.7bn in loans, respectively.
Freddie Mac, a government-sponsored enterprise (GSE), works with a network of lenders to finance apartment buildings around the country, later purchasing the loans and allowing the lenders to use the proceeds to originate additional loans. Through these relationships, Freddie Mac settled $28.3bn in new multifamily volume last year, comprising 427,000 rental units.
In its multifamily economic outlook report for 2015, however, the GSE said the multifamily market will move forward this year at a “slightly slower” pace than in 2014, which could curb lending volume.