Terrace Capital, Inc. Announces- $6.5MM Fannie Mae Loan- Surrey Hill
Apartments – St. Charles, IL
Terrace Capital has recently arranged for a Fannie Mae guaranty on a 6.50MM, 75% LTV, first
mortgage for the Surrey Hill Apartment complex, located in St. Charles, IL.
New York, NY, July 04, 2012 --(PR.com)-- The proceeds were used by the borrower, North Star Trust,
for the repayment of existing debt and equity for future renovations at the facility. The mortgage had a 10
year fixed term, a 3.98% rate and a 30 year amortization schedule. Susan Butler, a principal at North Star
Trust, looks forward to continuing to provide affordable housing in St. Charles, as they have over the last
Surrey Hill Apartments, a Class A 118 unit residential complex, is located in the Chicago bedroom
community of St. Charles, IL. The complex has studio, one & two bedroom apartments available and
facility amenities which includes; balconies, picnic area, laundry and exercise facility. St. Charles is a
Chicago suburb in the Kane and DuPage counties of Illinois and is roughly 40 miles (64 km) west of
Chicago on Illinois Route 64.
According to a senior underwriter at Terrace Capital, “The Fannie Mae program generally provides the
most advantageous rates for non-recourse, multifamily loans with rates on 5 year money, sub 55% LTV,
as low as 2.82%. The program's underwriting criteria has generally become more conservative over the
last few years, as Fannie Mae is under a US government conservatorship. On September 7, 2008, James
Lockhart, director of the Federal Housing Finance Agency (FHFA), announced that Fannie Mae and
Freddie Mac were being placed into conservatorship of the FHFA. Terrace has successfully executed on
multifamily, non-recourse CMBS transactions, in states where Fannie and Freddie Mac have restricted
loan-to-value ratios of 65%, these states include; Indiana, Florida, Michigan, Ohio and several MSAs in
Texas, Georgia, Arizona, California, Louisiana and Nevada."
Terrace Capital focuses on non-recourse loans and preferred equity of $5MM and greater on income
producing retail, office, industrial, multifamily, self-storage and hotel properties throughout the
continental United States.
The Firm is a leader in structuring permanent mortgages and equity for a wide range of real estate
For more information about Terrace Capital and the services it provides, go to www.terracecapital.com.
Contact via Email
Online Version of Press Release:
You can read the online version of this press release at: http://www.pr.com/press-release/424923