Calamar Enterprises Inc. has locked up $161.5 million in Fannie Mae DUS and balance-sheet financing. The funding will be used to refinance a portfolio of 13 age-restricted housing properties totaling 1,500 units in New York, New Hampshire, Missouri and Nebraska. KeyBank Real Estate Capital arranged the loan with a total of $113.3 million provided through the Fannie Mae DUS program and structured as two cross-collateralized pools with seven- and 12-year terms. The additional $48.3 million came from the KeyBank balance sheet.
“The difficulty was structuring the loans, deciding which would be seven years, which would be 12 years and which would be on our balance sheet. Not all of the Fannie Mae loans were stabilized. Four were done as part of Fannie Mae’s Near-Stabilization Program, which made it possible to close those loans prior to (the properties) being 90 percent occupied,” stated KeyBank Real Estate Capital’s Boston-based senior vice president Dirk Falardeau
