DBBM inks bridge loan.Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank Berkshire Mortgage (DBBM) provided LANDCO a $22.5 million bridge loan for the acquisition of Bent Tree Apartments, a 496-unit apartment property in Texas. The loan was structured to be a 60-day floating-rate interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. and was funded to 80% of value. DBBM anticipates that the loan will be paid off with the refinancing of Freddie Mac's permanent loan. The proposed $22.5 million Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. takeout Takeout A financing to refinance or take out another loan. loan will be a 7-year, fixed rate loan with a 1-year floating rate extension option. |
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