Dealmaker: CBRE Secures $153M for Office, Multifamily Properties
CBRE Group, Los Angeles, secured $152.7 million for an Atlanta office property and a Tempe, Ariz. multifamily community.
In midtown Atlanta the firm secured $61.9 million for 715 Peachtree, a 10-story, 318,500-square-foot Class A office building.
CBRE Capital Markets Senior Vice President Jonathan Rice and Executive Vice President Jeff Ackemann led the capital markets efforts for Carter & Assocs., Atlanta, and PCCP LLC, New York. KKR & Co. LP, New York, provided the three-year bridge loan.
The new loan enabled Carter to pay off an existing loan used for property renovations and provided for tenant improvements and leasing capital, Rice said.
Ackemann noted that 715 Peachtree occupies one of the top submarkets in the southeastern U.S. “Momentum at 715 Peachtree has been apparent as the space includes major office tenants such as Honeywell and Spaces and unique retail such as Land of a Thousand Hills, Stone Summit and Bareburger.”
In Arizona CBRE Capital Markets secured $90.8 million to refinance San Sonoma, a 590-unit Class A apartment community that delivered last year.
CBRE Executive Vice President Rocco Mandala, Senior Production Analyst Anthony Valenzuela and Production Analyst Dominique Damerell secured a 12-year loan with full-term interest-only payments for the borrower, a venture formed by Mark-Taylor Residential, Scottsdale, Ariz., and Kitchell Corp., Phoenix. Fannie Mae, Washington, D.C., provided the loan at 65 percent loan-to-value.
“Fannie Mae’s financing reflected a near-stabilized underwriting that based the loan amount on the net operating income estimate in place within four months after rate lock without any additional collateral or borrower obligation,” Mandala said.
