Dealmaker: CBRE Arranges $81M in Construction Financing

CBRE Capital Markets’ Debt & Structured Finance teams arranged $80.8 million to build rental communities in Miami’s Dadeland Triangle and Vancouver, Wash.

CBRE Vice Chairman of South Florida Markets Charles Foschini and Senior Vice President Christopher Apone arranged $51.3 million for Motion at Dadeland, a 25-story Miami Class A rental community. TD Bank, Toronto, supplied the three-year floating-rate construction loan for the joint venture between 13th Floor Investments and The Adler Group, both headquartered in Miami, and Cornerstone Real Estate Advisers, Hartford, Conn. 

When completed in 2018, the property will encompass more than 260,000 square feet.

Foschini noted that 13th Floor Investments and Adler Group purchased a ground lease for the 0.87 acre development site adjacent to the Miami Metrorail Dadeland North Station and Dadeland Station in 2014 from Miami-Dade County. 

“We had to work to find a lender to lead the transaction that was comfortable with a long-term ground lease provided by the county and understood that while there was a significant amount of apartment supply in the area, this project was clearly differentiated in its location, amenity, ownership structure and execution,” Foschini said.

In Vancouver, Wash., CBRE partnered with Cascadia Development Partners, Vancouver, and HomeStreet Bank, Seattle, to arrange a $29.5 million construction loan for 167-unit Uptown Apartments. 

Nick Santangelo of CBRE’s Portland office arranged financing on behalf of ownership, The Uptown Living LLC. HomeStreet Bank provided a 30-month floating-rate loan with two six-month extension options. 

Santangelo said the construction period will likely take 14 months. The finished property occupy one full city block in downtown Vancouver and will include retail space on the ground floor.

The site near Vancouver’s central business district earned a very high “walkability score” of 91 out of 100.