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Last year, debt markets were icier than Star Wars' Planet Hoth, but things are warming: yesterday Fairway Ridge Apartments in Baltimore City got $10.4M in Fannie debt, courtesy of Beech Street Capital.
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In case you didn't get the icy metaphor, our picture even has snow. Beech Street VP Matt Legge tells us competition between lenders is getting stiff: ?In 2009 and much of 2010, it seemed like agencies were the only ones willing to offer competitive financing, but that's changed. Now we're seeing interest from life companies, CMBS shops, and local banks.? (Of course, you remember our mortgage-backed securities update from Tuesday). Underwriters are shying away from overly optimistic future growth projections, which created many problem loans, Matt says. Life companies are also increasing the share of multifamily in their portfolios.
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Deals in the $10M range are especially enticing because lenders see them as stable, manageable investments. And Fairway Ridge is a perfect example: Matt tells us its performance was steady through the downturn (it's been over 90% occupied for two years) and is in good condition.