Ziegler partnered with M&T Realty Capital Corporation as financial advisor in a $8.5 million Fannie Mae refinancing. On behalf of Essex Communities, the team refinanced the existing debt on Carriage Glen, a 55+ age-restricted independent living community in Lincoln, Nebraska.
The 10-year, fixed-rate loan was structured at 75% loan-to-value with four years of interest-only payments, followed by 30 years of amortization. The loan also carried a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital expenditures and to pay off the initial equity investors.
M&T has been a Fannie Mae-approved Delegated Underwriting and Servicing (DUS®) lender since 1989 and was ranked a Top-5 Fannie Mae Seniors Housing DUS Producer in 2018 and 2019. Director Eric Johnson of Ziegler and Managing Director Steven Muth and Seniors Housing Program Manager Matthew Pipitone of M&T led the transaction. This was the third Fannie Mae financing that the team completed with Essex in 2021.
