Miami, FL – February 13, 2012 – (RealEstateRama) — CBRE Capital Markets in Miami arranged a $36,590,000 refinance loan for Fairway View and Palmetto Place in Miami, Florida. CBRE Vice Chairman Charles Foschini in Miami was joined by Vice President Christopher Apone and Vice Chairman Christian Lee in representing the borrower, Fairway View Associates LTD and Palmetto Place Associates LLC.
Financing was secured from Principal Real Estate Investors LLC. Terms of the loan include 50% loan-to-value, a 15-year amortization and a favorable interest rate. The loan closed January 27, 2012.
“The strongest, most conservative borrowers are getting near historic, low interest rates,” said Foschini. “The loan secured for this refinance is self-liquidating in nature and has an interest rate below 4%”
The two garden-style communities are located in the Hialeah submarket. Fairway View, at 6881 NW 173rd Drive, is a 301-unit complex built in 1995. Palmetto Place, located at 9601 SW 142nd Avenue, has 416 units and was built in 1988. The properties were 98% and 99% occupied at closing, respectively.
Foschini, Apone and Lee comprise the CBRE Capital Markets Institutional Properties Group in Miami. In 2011, the team originated over $1.7 billion in on behalf of borrowers throughout the U.S. for multifamily, industrial, office and properties nationwide.
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
