Miami, FL – August 31, 2011 – (RealEstateRama) — CBRE arranged $10 million in proceeds for the purpose of refinancing the debt on The Blackstone Apartments in Miami Beach, Florida. Financing terms of the loan include a 7-year fixed rate term, 2-years interest only, and a 70% loan-to-value ratio.
“The Blackstone transaction provided Freddie Mac the opportunity to expand their loan portfolio and refinance an historic landmark asset in the highly desirable South Beach submarket. The Borrower was able to capitalize on historically low interest rates and very favorable terms currently available from Freddie Mac,” said Christopher Apone, Vice President with CBRE Debt & Equity Finance – Institutional Group in South Florida. Apone teamed with Charles J. Foschini and Christian R. Lee to arrange the financing through Freddie Mac on behalf of Blackstone Equities, LLC.
Located at 800 Washington Avenue, the apartment community is nested in a historic district in the heart of South Beach. The Blackstone Apartments were originally built in 1929 and were fully renovated in 1987. The community comprises 130 units of which 99% were leased at the time of refinance.
CBRE Capital Markets is consistently among the top three Freddie Mac seller/servicers each year and was number one in 2010.
About CB Richard Ellis
CB Richard Ellis 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 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis 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
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
813.273.8482
lauren.crawford (at) cbre (dot) com
