Douglas Emmett also closed a total of USD 540m in ten year, secured,
non-recourse loans and sold 4.9m shares of its common stock at pricing just above USD 41 per share through its ATM programme.
The acquisition will be financed by
non-recourse loans from international banks against the asset, along with Delek Group funds.
Knighthead provided Los Angeles-based development firm Cale Enterprises with two, separate, non-crossed 12-month,
non-recourse loans of $5.2 million and $3.15 million for the acquisition of a 74-unit multifamily site and a 54-unit multifamily site, both in Palms on Los Angeles's Westside.
The new financing option provides more leverage, increased loan consolidation, longer term loans, fixed rates, and
non-recourse loans. As one of nine firms approved for this new program, Walker & Dunlop will leverage its deep multifamily lending expertise, strong relationships, and extensive market knowledge to improve the SFR lending process for its borrowers.<br />The Walker & Dunlop SFR teamwill be led byRichard Warner, executive vice president and chief credit officer;Ted Patch, chief production officer; andMitchell Resnick, senior vice president and treasurer.
The
Non-Recourse Loans program ranges - in most cases the proceeds can be as much as 30% of the LTV of the instruments used as collateral for lower value instruments from banks with reduced ratings, to 80% for higher value instruments from top banks.
The range is completely financed with
non-recourse loans totalling GBP 45.4m offered by Bayerische Landesbank.
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.
NAA/NMHC and a coalition of trade groups have filed a "friend of the court" brief in an important case pending before the Michigan Supreme Court that could have a chilling effect on conduit borrowers, including apartment firms, by converting
non-recourse loans into recourse loans (Wells Fargo Bank, N.A.
By Marie Kierans
NoN-recourse loans could solve the mortgage crisis in the future but will not help those currently struggling with repayments, David Hall of New Beginning said yesterday.
In
non-recourse loans, some "bad boy" provisions have the effect of converting the
non-recourse loan to a full recourse loan such that the borrower becomes liable for the full amount of the loan.
These
non-recourse loans are linked through a cross-collateralization and cross-default agreement.
