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Article: Freddie Mac purchases $140 million mortgage pool for senior housing.(Commercial)(Brief article)
- Article from:
- Mortgage Banking
- Article date:
- August 1, 2008
CopyrightCOPYRIGHT 2008 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Freddie Mac announced it has purchased a $140 million pool of mortgages, consisting of seven senior housing properties across four states, from Capmark Finance Inc., Horsham, Pennsylvania.
The $140 million, combined with a majority investment from sponsor Prudential Real Estate Investors (PREI), Parsippany, New Jersey, enabled The Shelter Group, Baltimore, to refinance seven Brightview senior housing properties and recapitalize, according to Mitchell Kiffe, Freddie Mac's vice president of production and sales.
"The fact that the properties are located in strong markets, coupled with PREI's investment expertise and The Shelter Group's seniors housing ...