Fannie Mae license increases leverage for Colliers’ clients
Colliers Senior Vice Presidents Doug Alexander and Hagan Dick represented the borrowers, Sierra Development and Argus Eyed Partners of Macon, and worked with Zach Shope of Colliers Mortgage, a delegated underwriting and servicing licensee for Fannie Mae. After Shope and his team presented very competitive loan terms, the borrowers granted Colliers Atlanta’s Debt & Equity team and Colliers Mortgage the exclusive authorization to place the debt with Fannie Mae.
“Capital is plentiful in today’s market and often results in record sales prices. As lucrative as this may sound, these proceeds can be challenging to reinvest,” said Dick. “While working in this low interest rate environment, our team has found that partnering with Colliers Mortgage on behalf of Fannie Mae produces results that are often more attractive than an outright sale.”
Alexander added, “The fact that Colliers now holds a Fannie Mae license was significant to this transaction and will undoubtedly benefit Colliers’ clients going forward.”
Lofts at Capricorn is a residential community with ancillary commercial space surrounding the former Capricorn recording studio, now named Mercer Music at Capricorn, an extension of Mercer University’s School of Music. Popular artists including the Allman Brothers Band, Marshall Tucker Band and Wet Willie launched their careers in the Capricorn recording studio. The Lofts at Capricorn consists of 140 one and two-bedroom residential units in additional to 10,000 square feet of fully-leased ground floor commercial space within the four, four-story buildings. The property is located in Macon’s CBD just minutes away from Mercer University and a variety of options for shopping, dining and entertainment.