Miami, FL – May 18, 2012 – (RealEstateRama) — CBRE Capital Markets in South Florida secured financing for two acquisition loans through Freddie Mac for a total of $64,750,000 million. In Castle Rock, Colorado, CBRE secured $40,560,000 on behalf of the local-based investment group, Advenir, for the acquisition of the Lodge at Castle Pines, a 356-unit multifamily community. On behalf of another local investment group, Momentum Real Estate Partners, CBRE secured $24,200,000 for the acquisition of a 246-unit multifamily community, Legacy Point in Arlington, Texas.
Terms of the financing for Lodge at Castle Pines include a 120-month loan term, a 197-basis point spread over the 10-year treasury yield, interest-only financing for 24 months, and then an amortization period of 360 months. For Legacy Point, CBRE secured a 120-month loan term with a spread of 201 basis points over the 10-year treasury, a period of interest-only financing for 48 months, then a 360-month amortization period.
Both deals closed April 30. Both achieved aggressive interest rates.
The 356-unit Lodge at Castle Pines community was built in 2002. The property is located at 520 Dale Court in Castle Rock, Colorado and sits on over 28 acres. The total rentable square footage for the property is 384,702 square feet with an average unit size of 1,800 square feet.
Legacy Point, located at 1901 NE Green Oaks Boulevard in Arlington, Texas, was built in 1995. The 246-unit community has a total 253,484 rentable square footage with an average unit size of 1,030 square feet.
Vice Chairman Charles Foschini, Vice Chairman Christian Lee, and Vice President Christopher Apone of CBRE’s Institutional Group in South Florida secured financing on behalf of the borrowers through Freddie Mac. 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.
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