Tallahassee, FL – January 24, 2012 – (RealEstateRama) — CBRE Capital Markets arranged an $8-million bridge loan refinance on behalf of TREO Partners LLC for a two-property student housing portfolio in Tallahassee, Florida. Terms of the loan include an 18-month loan term with interest-only financing, a 75% loan-to-value ratio with minimum DCR of 1.25 and a floating interest rate over the 30-day Libor.
The student housing portfolio consists of two garden-style student apartment properties located just outside the Florida State University campus; The Villa Cortez (138 Units, 150,660 RSF) is located at 1832 Jackson Bluff Road and 1111 on High (136 units, 136,800 RSF) is located at 1111 High Road. The portfolio was 94.3% leased at the time the loan was closed.
Charles Foschini, Vice Chairman of CBRE’s Debt & Equity Finance and Institutional Group and team members, Christian R. Lee and Christopher Apone located in CBRE’s Miami office arranged the financing through Greystone Financial Group. The borrower, TREO Partners LLC, is based in Miami.
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.
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
