|The Key To My Success
Last week's commercial mortgage activity
November 20, 2001
By MortgageDaily.com staff
Teradyne Inc. (NYSE: TER) is working to raise from $50 million to $200 million in real estate financing by year-end in order to help it weather a severe industry downturn, according to Reuters. Teradyne's real estate holdings, land and property, reportedly total about $350 million.
|Fannie Mae (NYSE: FNM) announced a joint transaction with Key Commercial Mortgage where the companies funded $73.7 million of mortgage debt on ten properties, eight of which are in Rhode Island and total 1,329 units. The underlying borrowers are affiliates of the Picerne Real Estate Group, one of Rhode Island's largest multifamily property development/management companies. Fannie Mae issued mortgage-backed securities that Key Commercial Mortgage sold to provide funding to the borrower. Of the $73.7 million, $56 million was used to refinance related existing debt, while Picerne will use the remaining $17.7 million to fund additional development. The financing was provided under Fannie Mae's Multifamily Credit Facility, which provides flexible financing for owners of multiple apartment properties.