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Texas  + Phoenix & Southwest  + State of Texas  + Apartments  | 
Kenji Tamaoki PGIM

Credit Facility Allows Borrowers to Manage Debt Across Entire Multifamily Portfolio

PGIM Real Estate recently arranged a $106.763 million Fannie Mae credit facility on behalf of a nationwide owner and operator of affordable housing communities for a nine-property multifamily/affordable housing portfolio located across Texas, New Mexico and Colorado. The properties encompassing more than 1,200 affordable units are located in five different urban centers, all with strong demand for affordable housing.

The 30-year fixed-rate loan will be used to repay existing debt and provide cash-out that will be used to fund additional property acquisitions. The sponsor hopes to acquire enough properties to add $100 million or more of new debt to the facility in the next three to five years.

“For relatively little cost, the sponsor will have funds to improve the properties, provide better conditions for their residents and expand their portfolio,” said Kenji Tamaoki, executive director of agency originations at PGIM Real Estate who originated the loan on the firm’s behalf.

Fannie Mae’s credit facility is geared toward giving borrowers the flexibility to manage debt across an entire multifamily portfolio to help achieve long-term goals, allowing a combination of variable- and fixed-rate debt with laddered maturities and flexible post-closing features.


Inside The Story

Kenji Tamaoki

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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  • ◦Financing