Terrace Capital, Inc. Announce $8.87 MM Non-Recourse, Multifamily Fannie Mae Loan - Chicago, IL
Terrace Capital Has recently arranged for a Fannie Mae guaranty on an $8.87 MM, first mortgage, multifamily portfolio located in Chicago, IL. The proceeds were used by the sponsor for the repayment of the existing debt and equity for future acquisitions.
Published on: Mar 4, 2016
Transcripts - Terrace Capital, Inc. Announce $8.87 MM Non-Recourse, Multifamily Fannie Mae Loan - Chicago, IL
Terrace | Capital, Inc
Rea l Es ta te In ves tm en t Ba n k in g
FOR IMMEDIATE RELEASE
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Terrace Capital, Inc.
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New York, New York 10006
Direct Dial: (212) 671-1031
Terrace Capital, Inc. Announces- $8.87MM Non-Recourse, Multifamily Fannie Mae LoanChicago, IL.
New York, New York – September 11, 2012 – Terrace Capital has recently arranged for a Fannie
Mae guaranty on an $8.87MM, first mortgage, multifamily portfolio located in Chicago, IL. The
proceeds were used by the Sponsor, Leon Harris, for the repayment of existing debt and equity
for future acquisitions. The mortgage had a 10 year fixed term, a 4.20% rate and a 30 year
amortization schedule and was collateralized by five multifamily complexes. Mr. Harris, utilized
the services of Terrace Capital to navigate the complex stream of Fannie Mae paperwork and the
tedious nature of the process.
The Harris Apartments, a Class A portfolio of five residential complexes with 79 units, are
located in Chicago, IL. The buildings have one, two & three bedroom apartments, high end
finishes and are well located; with access to all urban life has to offer in some of the most
desirable neighborhoods of Northern Chicago, including Lincoln Square, Wrigleyville and
According to a senior underwriter at Terrace Capital, the Fannie Mae program generally provides
the most advantageous rates for non-recourse, multifamily loans though there are multiple
markets in the US where Fannie Mae and Freddie Mac are unwilling to lend at a 75% LTV.
These markets are called “Pre-review” markets and include such states as Florida, Michigan,
Indiana, Ohio and several submarkets in Texas, Nevada, Georgia, California and Louisiana.
Terrace has successfully secured non-recourse loans, via CMBS executions, in the
aforementioned markets at loan-to-value ratios of 75% and continues to serve clients that are
unable to garner Fannie or Freddie financing.
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
For more information about Terrace Capital and the services it provides, go to