Jul
07

Extend and Pretend: Apartment Lenders Hope for the Best

By
– Multifamily Executive

Dallas-based Trammell Crow is one of the largest multifamily developers in the country. Yet it is facing a major dilemma when it completes a project in this economy. Traditionally, in a more perfect world, it would sell the asset. Otherwise, it would go to Fannie Mae or Freddie Mac for long-term debt. But to get long-term financing with Fannie or Freddie, owners need to throw in more cash—something many of them don’t have right now.

So today, Trammell Crow is left with one option. “We have to work with our banks to extend our loans,” says Ron Terwilliger, chairman of the firm.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://multifamilyexecutive.com/multifamily-trends/extend-and-pretend-lenders-hope-for-the-best.aspx
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