Capri Capital Partners, LLC Acquires Capri Apartments
McLean, VA – December 31, 2007 – Freddie Mac (NYSE:FRE) announced that it has purchased a $198 million pool of cross-collateralized, cross-defaulted mortgages from Capmark Finance, Inc (Capmark Finance). Freddie Mac put together a flexible financing solution for the borrower, Capri Capital Partners, LLC, that met its tight timeline to acquire Capri Apartments. The apartments are comprised of eight properties and 2,224 units in Florida, Texas, Colorado, Nevada, and California. The borrower also benefited from using the enhanced Freddie Mac Interest-Only Fixed-Rate Mortgage product.
“We took the deal from under Seller application to approval and commitment in less than three weeks,” said Richard Martinez, Freddie Mac Central Region managing director. “Working cooperatively across all three regions, we were able to deliver a flawless, smooth execution to the borrower. Not only did we meet the borrower’s timeframe, but ultimately, it got a great price and proceeds at a time when Treasuries were increasing daily.”
“Freddie Mac performed flawlessly from Florida to California with the Central Region conducting the orchestra magnificently,” said Ernest Katai, senior vice president, Capmark Finance.
“This is one of the most significant transactions we’ve completed this year. Both Capmark and Freddie Mac did an excellent job at executing and delivering under the terms prescribed in the application,” said Dori Nolan, principal of Capri Capital Partners, LLC.
The properties were all built between 2000 and 2004. Only one of the eight properties needs any kind of immediate repair work.
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.
