Matthews™ Capital Markets Secures $10 Million Fannie Mae Acquisition

LOS ANGELES, CA— Matthews™ Capital Markets (MCM), a fully integrated and dedicated financing division of Matthews™, recently secured a $10,256,000 Fannie Mae loan for the acquisition of the Adams Multifamily Workforce Housing Portfolio located in Long Beach, California. Matthews™ First Vice President Geoffrey Arrobio handled the loan transaction.

 

The loan enables the client to acquire, via 1031 exchange, a 90-unit workforce housing apartment consisting of five separate buildings within the same street block, totaling 60,000 square feet of livable space. The Fannie Mae loan will enable the borrower to enhance the properties from C+ quality assets to B+ assets via interior renovations, parking enhancements, exterior renovations, and security upgrades. The properties were 95% occupied at loan closing.

 

The loan has a 60-moth term, interest-only payments for one-year followed by a 30-year amortization schedule, at a fixed rate of 4,89%, non-recourse.

 

“Workforce housing is in desperate need within the Los Angeles basin due to housing affordability.  These assets are slated for a capital improvement program including superior property management to provide the workforce housing tenants with enhanced living conditions, security and telecom upgrades.  Fannie Mae was the perfect low-cost financing provider to make this happen.” Arrobio said.

 

MCM remains committed to helping clients navigate the evolving market conditions with tailored capital solutions. For more information, or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

ABOUT MATTHEWS™ CAPITAL MARKETS

The Matthews™ Capital Markets (MCM) is a fully integrated and dedicated financing division of Matthews™. MCM provides capital solutions ranging from $500,000 to $100 million for all property types across the U.S.