Behringer Harvard Gets $150M Credit Line
- Mar 31, 2010
March 31, 2010
By Allison Landa, News Editor
Behringer Harvard said on Wednesday that it has closed a $150 million Freddie Mac credit facility for Behringer Harvard Multifamily REIT I, Inc. Company officials said that the funds will enable the REIT to borrow funds while executing its business plan and adding multifamily communities to its pool of collateral.
The news comes as Freddie Mac announces the official launch of its new mezzanine financing program allowing mezzanine debt on qualifying senior multifamily mortgages. The program is designed to help bridge the capital gap for borrowers in need of financing or refinancing overleveraged multifamily properties whose value has declined.
When announcing the news, Freddie Mac senior vice president of multifamily Mike May said that the intent was to help the industry reduce the number of properties that may otherwise become defaults, timely workouts or foreclosures.
The Behringer Harvard Multifamily REIT I portfolio includes investments in 23 multifamily communities in 11 states, with a total of nearly 6,300 units. Based in Dallas, Behringer Harvard has interests in or manages more than $10 billion in assets.