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Freddie Mac’s Tax-Exempt Loan Product Is Starting to Get Some Love

By Tony Seruga

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W&D’s Frank Baldasare

WASHINGTON, DC—After a somewhat slow start, more deals are starting to be executed under a tax-exempt loan program for affordable housing development that Freddie Mac launched last year.

Bethesda, MD-based Walker & Dunlop recently closed three loans totaling $10.6 million for properties in Tennessee with private real estate investment firmFreeman Webb, based in Nashville, TN, using the program.

Keith Melton, David Strange and Frank Baldasare led the Walker & Dunlop team in the transaction. The portfolio included three properties with loans structured as 16-year terms, with 35-year amortization schedules, with minimum debt coverage ratio of 1.15x, and an average loan to value of 90%…

Freddie Mac’s Tax-Exempt Loan Product Is Starting to Get Some Love

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