Hialeah, FL – December 21, 2011 – (RealEstateRama) — CBRE Capital Markets in Miami secured $5 million in fixed financing on behalf of The Green Companies, a family-owned real estate development firm based in Miami. The terms of the loan, for the Green Vista Apartments in Hialeah, include a 30-year amortization schedule, a maximum 75% loan-to-value and minimum DSCR of 1.25x. The proceeds were used to acquire 100% interest in the property from their partner who developed the building with The Green Companies in 1997.
The Green Companies 50-year portfolio included the construction of over 2,300 homes, apartments and condominium units, the creation of the 43-acre Journey’s End Estates and over two million square feet of high-rise office and mixed-use developments throughout the greater Miami region.
Green Vista Apartments is a 94-unit garden style community in Miami, Florida. Completed in 1997, the two-building property has over 79,822 net rentable square feet and is currently 100% leased.
CBRE’s Debt & Equity Finance and Institutional Group team members, Vice Chairman Charles Foschini, Vice Chairman Christian R. Lee, and Vice President Christopher Apone arranged the financing through Freddie Mac. Year to date, the team’s production total for sale and financing transactions is over $500 million.
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 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. 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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elizabeth.cross (at) cbre (dot) com
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lauren.crawford (at) cbre (dot) com