Venice, FL – March 18, 2015 – (RealEstateRama) — CBRE Capital Markets’ Debt & Structured Finance team originated $19 million in financing for the acquisition of Monterrey Apartments, a 243-unit garden-style apartment community situated on more than 23 acres at 1001 Center Road in Venice, Florida.
Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami, Florida, office arranged the financing on behalf of the borrower, Advenir@Monterrey, LLC. Freddie Mac provided the 10-year loan at an aggressive rate with 5 years interest only and an 80% loan to value ratio.
“Freddie Mac continues to aggressively source debt options for Advenir that allow them to be a formidable buyer in a highly competitive market,” said Mr. Foschini. “As a premier sponsor, working together with CBRE, Advenir is consistently able to move quickly on assets of interest and, through their real estate acumen and market leading loans, deliver a terrific return to their investors from the first date of closing.”
Completed in 1988 and remodeled in 2014, Monterrey is clad in attractive brick with wood architectural accents and offers one-, two-, and three-bedroom units with spacious floor plans.
Minutes from I-75, the Gulf Coast beaches, shopping, dining and recreation, the property is a tranquil retreat in a secluded, tropically landscaped setting with two swimming pools, a Jacuzzi, fitness center, panoramic lake views, and on-site leasing and management office.
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 and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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 website at www.cbre.com.
elizabeth.cross (at) cbre (dot) com
melinda.sherwood (at) cbre (dot) com