One deal that impacted affordability in two separate markets
Fannie Mae is powering affordability in multifamily housing across America. Our market-leading deal structures are competitively priced and created to meet the specific needs of each customer. The affordable units produced by this deal positively impacted communities in both Maryland and Massachusetts.
2,046
affordable units across two different markets
$328 million
transaction making a significant impact on affordable housing
>50% units
that qualify toward 80% AMI
DUS model
delivering on ease of execution and fast turnaround
Two properties, two markets, one all-in-one financing deal
When DUS® lender CBRE wanted to structure financing for the all-or-none acquisition for Gardencrest Apartments and Howard Crossing, a total of 2,046 multifamily units across two communities in Waltham, MA, and Ellicott City, MD, they worked with their Fannie Mae deal team to get the deal done. And done quickly.
Partnership, speed, and efficiency
Even though time was of the essence, and this was such a large transaction, this deal’s ease of execution was evident. Fannie Mae and CBRE worked together closely from submission to rate lock/close with minimal disruption. This deal really demonstrates how the DUS model delivers on certainty of execution and increased delegation for faster turnaround.
Adding 1,300 units of affordable housing
As part of the $328 million transaction, more than half of the units (1,300) qualified toward the 80% area median income (AMI) goal, making a significant impact on affordable housing in the two distinct markets. This mission-driven project demonstrates both Fannie Mae’s and CBRE’s commitment to providing affordable housing in both communities.
