The nation's largest multifamily real estate investment trust, known as Criimi Mae, has refinanced $175 million of floating rate debt and replaced it with long-term, fixed-rate financing.
Through this transaction, and two other financings that closed in September and October, the multifamily mortgage real estate investment trust has refinanced a total of approximately $557 million of floating rate debt with fixed-rate financing.
In the latest deal, a special-purpose financing subsidiary of Criimi Mae issued a fixed-rate funding note in the approximate amount of $198 million to the Federal National Mortgage Corp. in exchange for long-term, fixed- rate, pass-through debt securities issued and guaranteed by Fannie Mae.
The Fannie Mae securities were then sold by Criimi Mae's financing subsidiary.