Exemplifies Continued Increase of Multifamily Product Financing from Freddie Mac
Ft. Lauderdale, FL – April 4, 2012 – (RealEstateRama) — CBRE Capital Markets closed on a $30,279,000 loan for the acquisition of San Tropez Apartments in Pembroke Pines, Florida, on behalf of the borrower, Advenir@San Tropez, LLC. Terms of the loan include a 10-year term with three years interest-only financing and a 75 percent loan-to-value ratio. The deal closed Friday, March 30.
Built in 1974, and renovated in 2006, San Tropez Apartments comprise 480-units housed in 41 two-story buildings with a total of 379,200 rentable square feet. Community features include five swimming pools, laundry facilities in each building, and landscaped grounds inclusive of picnic areas and a playground. The 13-acre community is located in the northeast quadrant of Pines Boulevard and N University Drive at 7840 NW 3rd Street.
CBRE Capital Markets professionals Vice Chairman Charles J. Foschini, Vice Chairman Christian R. Lee, and Vice President Christopher Apone arranged the financing on behalf of Advenir@San Tropez, LLC 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.
CBRE also represented the seller of San Tropez in the sale disposition, led by Executive Vice President Robert Given and Associate Zachary Sackley of the South Florida market.
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
