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™ 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.
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.
