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.

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.

This $328 million transaction financed the acquisition of Gardencrest Apartments and Howard Crossing—spanning 2,046 units across Waltham, Massachusetts and Ellicott City, Maryland. More than 1,300 units qualified as affordable, demonstrating how scale and speed can work together to deliver impact. Structured with CBRE, this deal showcases the power of the DUS® model to execute quickly and efficiently, while advancing affordability in two distinct markets.

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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.