Dealmaker: CBRE Arranges $170M in Three States

October 14, 2015

CBRE Capital Markets, Los Angeles, arranged $156 million for a six-property, 1,413-unit multifamily portfolio in Washington and Oregon.

Brian Eisendrath and Cameron Chalfant of CBRE’s Beverly Hills office arranged the financing on behalf of TruAmerica Multifamily, Los Angeles. They secured seven-year fixed-rate loans with three years of interest-only payments on four of the properties with a blended interest rate of 3.85 percent. The remaining two properties received floating-rate loans with three years interest only and a 2.60 percent starting rate.

The properties include Alderwood Park in Lynnwood, Wash.; Boulder Creek and Bridge Creek in Wilsonville, Ore.; Ridgegate in Kent, Wash.; and Ridgetop and The Wellington in Silverdale, Wash.

TruAmerica CEO and President Robert Hart said CBRE increased proceeds by more than $5.4 million from application to closing, “which will help us to reposition these well-built assets.” TruAmerica plans a value-add renovation program on all six.

In Plantation, Fla., CBRE Capital Markets’ Debt & Structured Finance team arranged $24.8 million for Viera Plantation, a 210-unit apartment community on South Pine Island Road.

CBRE Miami’s Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez arranged a 12-year fixed-rate loan with a six-year interest-only period on behalf of Pensam Capital, Miami. Foschini said Fannie Mae provided the loan at an “aggressive” interest rate and 75 percent loan-to-cost ratio.

“Working together on an off-market deal, Fannie Mae outdistanced a very competitive field of both bridge and fixed-rate options by providing both optimal level of proceeds and an extended interest-only period that allowed Pensam Capital to continue to provide ‘value-add’ type improvements to the property through the extra cash flow the loan provided without amortization,” Foschini said.

Built in 1980, Viera Plantation features units averaging 1,093 square feet. Other amenities include controlled access, elevator service in every building and two swimming pools.