Orlando, FL – March 12, 2013 – (RealEstateRama) — CBRE announced today that it has arranged $28 million in financing for 408-unit multi-family community in Orlando, Florida.
CBRE worked on behalf of Advenir@Broadwater, LLC to secure acquisition financing through Freddie Mac. The 10-year loan is partial interest only and represents an 80% loan-to-value ratio. Proceeds were used to acquire the property.
“Advenir continues to be an active buyer of high quality multifamily product. Freddie Mac recognized both the strength of the buyer and underlying market in making what historically would be considered a cutting edge aggressive loan,” said Charles Foschini.
Broadwater Apartments, built in 1987, is located at 6677 Tanglewood Bay Drive in Orlando. The property features an average unit size of 817 square feet and is comprised of 136 one bedroom units and 272 two bedroom units. Broadwater Apartments consists of 22 two-story residential buildings containing 333,136 square feet of net rentable area. Community features include two resort style pools with spa, fitness center with free weights, well-appointed clubhouse with Wi-Fi and large screen TV, resident business center, indoor racquetball court, car care center, and complimentary DVD library.
The CBRE team, representing the borrower, includes Charles Foschini, Vice Chairman with CBRE’s Debt & Equity Financing Group, Christian Lee, Vice Chairman with CBRE’s Institutional Group and Christopher Apone, Vice President with Debt & Equity Financing Group, who provide investment sales and financing solutions to commercial property owners.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com
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