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Firm closes $11M in 'Common Sense' loans.

Gary Q. Kokaiari, vice president and manager of Washington Mortgage Financial Group, Ltd. (WMF), has announced $11 million in initial loan closings under WMF's new Common Sense loan program.

A 10-year term loan for $6,125,000 with a rate of 7.25 percent was funded for an Akron, Ohio, property known as Chapel Hill, owned by one of the country's largest multi-family owner/managers, Forest City Properties. The property is a 23-year old, 404-unit building. The rate adjusts every six months to LIBOR and is capped at each adjustment as well as over the life of the loan. The loan amortizes over 30 years.

A loan was also closed for $2,735,000 with a fixed rate for seven years on a Washington, D.C. property called Randle Hill Apartments. The property is a 196-unit mid-rise built in 1966. The ownership group includes one of the D.C. area's prominent multifamily owner/managers, the firm of Gates Hudson.

A 10-year $2.15 million adjustable rate loan starting at 7.25 percent was funded for a Portland, Oregon, property known as Lambert Gardens. The property is a 108 unit, three-story building constructed in 1971. The loan rate adjusts every six months to LIBOR with periodic and lifetime rate caps.
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Title Annotation:Washington Mortgage Financial Group Ltd. offers Common Sense loan program
Publication:Real Estate Weekly
Date:Jan 6, 1993
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