Freddie Mac’s new Direct Purchase of Tax-Exempt Loans initiative, the goal of which is to keep rental housing affordable for lower-income families and lower costs involved with financing for tax exempt multifamily properties, has closed its first loan. Walker & Dunlop Inc. originated the $14.28 million loan for The Lakewoods, an affordable seniors housing property in Dayton, Ohio, and originated and structured the acquisition rehab loan with a 16-year fixed-rate and 35-year amortization, working closely with Freddie Mac on this first execution.
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