Closed under the new proposed Fannie Mae guidelines for preferred equity transactions, the Agency Lending & Affordable Housing group of Romer Debbas LLP represented a prominent lender in a refinance loan originated under the Fannie Mae DUS Program.  In addition to the loan proceeds, the property benefited from a soft preferred equity capital investment by a renowned preferred equity provider in a joint venture with an established NY property owner.  Built in 2011, the property located in Brooklyn, New York consists of 40 residential units and 4 commercial units.  The transaction is one of the first transactions closed under the new guidelines, requiring an in-depth analysis and structure of the joint venture and JV agreement to ensure it qualified as soft preferred equity and not hard preferred equity which has heightened approval and disclosure requirements.