Macquarie provides $71 million mezzanine loan cross-collateralized by 11 stabilized apartment properties across Texas
01 Dec 2013
Macquarie provided a $71 million mezzanine loan cross-collateralized by 11 stabilized apartment properties across Texas (2,500 units in total). The five year floating-rate mezzanine loan ranks junior to 11 individual US Department of Housing and Urban Development (HUD) long-term, fixed rate senior mortgages, which were in-place and assumed at closing at a weighted average interest rate of 3.1 per cent.
Macquarie's mezzanine loan provided buyers Atlas Residential and International Investment Bank of Bahrain with high leverage financing behind in-place senior debt.