Transaction Exemplifies Continued Strength of Multifamily Sector
Pensacola, FL – December 14, 2011 – (RealEstateRama) — CBRE Capital Markets recently arranged $6.75 million in proceeds for the purpose of refinancing the debt on Carriage Hills Apartments, a 260-unit garden style apartment complex in Pensacola, Florida. Financing terms of the loan include a 10-year fixed-rate term, 30-year amortization schedule and loan-to-value of 75%. The transaction was completed on behalf of Hills Apartment Communities, LLC and the lender was Miami Beach-based Archetype Mortgage Capital.
“This loan illustrates the lending arena’s appetite to place loans on quality multifamily assets in non-core markets. Furthermore, it exhibits the reemergence of securitized lenders as a borrower option versus the standard agency lender route that is typical for multifamily borrowers,” said Christopher Apone, Vice President with CBRE.
Built in 1973, Carriage Hills underwent a substantial renovation between 2005 and 2008 with nearly $4 million in capital improvements including new roofs, windows, unit upgrades, landscaping and other improvements. The property, located at 2955 West Michigan Avenue, is in the heart of the Pensacola metropolitan area with convenient access to major employment center, shopping, churches and schools.
Apone teamed with CBRE Vice Chairman Charles J. Foschini and Vice Chairman Christian R. Lee to arrange the financing on behalf of Hills Apartment Communities, working with principal, John Sylvester.
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
