Dealmaker: CBRE Arranges $143M for Office, Multifamily

CBRE Capital Markets originated $143.3 million for two Florida assets and a Texas multifamily property.

CBRE Vice Chairman Christian Lee, Vice President Amy Julian and First Vice President José Lobón arranged $75.4 million for Apollo Global Management, New York, and Steelbridge Capital, Miami, to purchase SunTrust Center, a 17-story office tower with a three-story annex building in Fort Lauderdale, Fla. 

Julian said Blackstone Group, New York, provided the floating-rate loan. “Blackstone’s loan terms and structure will allow the sponsorship to execute their business plan to position the tower firmly amongst the Tier 1 Class A central business district office assets and transform the annex into the premier boutique office building with high-end ground level retail on Las Olas,” she said.

SunTrust Center sits at the northeast corner of SE 5th Avenue and Las Olas Boulevard in downtown Fort Lauderdale.

CBRE also originated $33.4 million for Oak Forest Apartments in Orlando, Fla. Advenir LLC, Aventura, Fla., acquired the 408-unit lakeside community in Orlando’s Ocoee submarket. CBRE Vice Chairman of South Florida Markets Charles Foschini and Senior Vice President of South Florida Markets Christopher Apone arranged a seven-year loan from Freddie Mac with an interest-only period at an 80 percent loan-to-value ratio.

“With aggressive terms and an extended interest-only period, Advenir is well positioned to transform the property with upgrades,” Apone said.

The Orlando Business Journal reported that Advenir paid $42.7 million for the property, which delivered in two phases in 1989 and 1991.

In Lewisville, Texas, CBRE originated $34.5 million for Provenza at Windhaven, a just-delivered 324-unit apartment community. Apone and Foschini arranged an eight-year loan from USAA, San Anonio, Texas, for borrower Momentum Real Estate Partners, Miami.

“USAA came to the table with extremely competitive terms that included a flexible prepayment schedule, unique for life companies and very important for a closed-end fund,” Foschini said.

Apone noted that life companies have become increasingly aggressive on quality assets for quality sponsors.