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The deal was funded with a $17 million Fannie Mae loan arranged by CBRE Multifamily Capital Inc.
Fairfield assumed a $10.6 million Fannie Mae loan and borrowed an additional $4.3 million from Fannie to facilitate the purchase.
Freddie Mac provided a $29.6 million loan for the purchase. CBRE Capital Markets Inc. arranged the debt.
The property was purchased out of foreclosure.Interwest Capital Corp. of La Jolla, Calif teamed up in the acquisition.
The venture will assume a $16.8 million mortgage against Gateway II that's securitized through FREMF, 2010-K9. The loan has an interest rate of 4.909 percent and matures in July 2020.
The purchase was financed with a $32.825 million loan from Fannie Mae that was arranged by CBRE Capital Markets.
Nationwide Life Insurance Co. provided a $28 million loan for the purchase.
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