New liquidity options flowing at Aqua

Buyers who have been following Aqua’s Fannie Mae troubles will be interested to hear that Magellan Development has lined up two portfolio lenders: Harris Bank and MB Financial Bank.

Fannie Mae currently considers Aqua’s apartments to be commercial elements of the building, thus raising the tower’s ratio of commercial to residential use higher than FNMA guidelines and making 80-percent mortgages almost impossible to obtain for several weeks.