This past year was not a kind one for multifamily transactions. In the winter and spring, Fannie Mae and Freddie Mac were a beacon of hope, processing deals hand over fi st, but they grew increasingly cautious as the year progressed. The meltdown of the capital markets as summer ended led to massive bank consolidations and the government's takeover of the government-sponsored enterprises. Despite all the complications, several great deals still closed in 2008, each with their own story to tell. When UDR put an 86-community portfolio on the market, it pre-arranged debt fi nancing before it found a buyer. In the end, the $1.7 billion acquisition went to Steven D. Bell & Co. and DRA Advisors. Pictured left to right from Steven D. Bell & Co. are Jon Bell, principal; Samantha Davenport, chief operating offi cer; and Erin Ditto, director of the multifamily division.