Terrace Capital, Inc. Announces $6.5 MM Fannie Mae Loan - Surrey Hill Apartments
Terrace Capital has recently arranged for a Fannie Mae guaranty on a 6.5 MM, 75% LTV, first mortgage for the Surrey Hill Apartment complex located in St. Charles, IL.
Published on: Mar 4, 2016
Transcripts - Terrace Capital, Inc. Announces $6.5 MM Fannie Mae Loan - Surrey Hill Apartments
Terrace | Capital, Inc
Rea l Es ta te In ves tm en t Ba n k in g
FOR IMMEDIATE RELEASE
For Transaction Inquiries Contact:
Terrace Capital, Inc.
65 Broadway- 7th Floor
New York, New York 10006
Direct Dial: (212) 671-1031
Terrace Capital, Inc. Announces- $6.5MM Fannie Mae Loan- Surrey Hill Apartments – St.
New York, New York – June 3, 2012 – 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. 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 43 years.
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
For more information about Terrace Capital and the services it provides, go to