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January 7, 2021
Local firm Thayer Manca Residential announced the recent refinancing of its 200-unit Ottavo Apartments in Albuquerque. The $23.9 million Fannie Mae loan came via Orix. It carries a 2.81% rate. The loan follows $4 million in recent renovations and upgrades. Joe Manca said in a statement, “It is a big testament to our incredible team who challenged the norm and performed under pressure to allow this timely refinance to happen. Steady Greystar leadership, energetic and competent onsite staff and loyal vendors give us confidence that we can achieve big results in Albuquerque.” Ottavo was purchased under a different name in 2018; TMR also owns two other multifamily properties in that city, both also recently acquired, which have 544 units.