Miami, FL – July 24, 2015 – (RealEstateRama) — CBRE Capital Markets’ Debt & Structured Finance originated $13.75 million in financing for PointOne Holdings’ $17.8 million acquisition of Southwinds Stockbridge, a 240-unit multifamily residential community in the greater Atlanta, Georgia, metropolitan area. PointOne Holdings will rebrand the community as Southwinds Point.
CBRE’s Charles Foschini, Jason Hochman, and Christopher Apone arranged the non-recourse loan on behalf of PointOne Holdings from a Commercial Mortgage Backed Security (CMBS) lender. Terms included funding for the acquisition and some property improvements, several years of interest-only payments followed by a 30-year amortization period, and a low, long-term fixed rate.
“PointOne Holdings is a valued client and came to us requiring a quick response from lenders for an acquisition with a quick closing schedule. Within 36 hours of our initial conversation about the property, we provided options and selected the lender with the best terms on the market. The process from that point to closing was smooth and PointOne ended up with another valuable loan to accentuate the already strong cashflow from this well-performing asset,” said Mr. Hochman, Vice President, CBRE Debt & Structured Finance.
Added Charles Foschini, Vice Chairman, CBRE Debt & Structured Finance, “The capital markets remains volatile where multifamily is concerned and that is expected to continue so long as the GSE’s are subject to their government caps. Fortunately, we work with a wide variety of lenders that can fill the void and provide cutting-edge executions in terms of dollars, interest-only periods and other specific needs of the borrower.“
Built in 1993 and substantially renovated in 2007, Southwinds Stockbridge is located on 19.79 acres at 50 Evergreen Way in Stockbridge, Georgia, less than a mile from I-675 and the I-675/I-75 interchange that provides immediate access to Hartsfield-Jackson Atlanta International Airport and the greater Atlanta area. The property, currently 96% occupied, features units ranging in size from 818 to 1,323 square feet, a pool, fitness center, lighted tennis courts, and club and conference rooms.
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.
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