Favorable financing and high rental growth expectations in Florida underline demand for multihousing assets
Coral Springs, FL – April 6, 2012 – (RealEstateRama) — The strong momentum behind the Florida multihousing market recovery is evident as capital groups continue to aggressively seek quality assets to expand their footprint within the state. In Florida’s Broward County market, CBRE First Vice President Dennis Jiménez arranged a $35.4 million acquisition loan on behalf of Sherwood Forest at Coral Springs LP for the purchase of Sherwood Forest at Coral Springs Apartments from seller, AEW Capital. Terms of the seven-year loan, which closed on March 20, include three years of interest-only financing followed by a 30-year amortization.
CBRE secured the financing through Freddie Mac’s Capital Markets Execution (CME) loan program.
“There is plenty of momentum behind the recovery of Florida’s multifamily investment market,” said Jiménez. “Notwithstanding the improvements in the capital markets, Freddie Mac’s CME product continues to be one of the most compelling offerings out there, especially for Canadian and other foreign borrowers who face additional challenges when attempting to secure agency financing. We were able to deliver the loan commitment and accommodate multiple deal complexities within a much abbreviated timeframe.”
Built in 1988, Sherwood Forest at Coral Springs is a 400-unit, 16-building apartment community located at 1599 NW 91st Avenue in Coral Springs, FL.
Sherwood Forest at Coral Springs LP is managed by a Canadian-based investment group with a portfolio of multifamily properties located in Florida and Texas.
Based in the Orlando office, Dennis Jiménez is with the CBRE Capital Markets Debt & Equity Finance Group. Both as lender and broker, CBRE is the dominant source of agency capital in the country responsible for nearly a quarter of Freddie Mac’s volume in 2011.
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.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
