News - 2009
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January 30, 2009
080608
Red Mortgage Capital Structures $380 Million DUS Credit Facility for Camden Property Trust
17 Property Pool With Locations in Georgia, North Carolina and Texas
Red Mortgage Capital, Inc., one of the nation’s leading Fannie Mae DUS® lenders and the mortgage banking entity of comprehensive capital provider RED CAPITAL GROUP, recently created a $380,000,000 Fannie Mae DUS Credit Facility ("the Facility") for Camden Property Trust to facilitate a cross collateralized and cross defaulted refinancing.
Red Mortgage Capital structured the Facility using 17 Class A and core Camden assets as collateral to secure $380 million of 10-year debt. From the total amount of financing, $205 million was structured as 10-year fixed-rate debt and $175 million as Fannie Mae’s variable rate DMBS product. Underwriting parameters included a 55% loan-to-value and 1.55 underwriting debt service coverage ratios.
Camden Property Trust is one of the largest multifamily real estate investment trusts (REITs) in the nation. They are engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. They own interests in and operate 185 properties containing 63,449 apartment homes across the U.S. and have 14 additional properties under development.
Anthony D. Cinquini, Senior Managing Director of RED CAPITAL GROUP, observes, "Despite unprecedented times in the capital markets, Red Mortgage Capital, Fannie Mae and Camden Property Trust successfully combined efforts to structure and close this important financing for Camden."
