Dealmaker: CBRE Secures $103M for Office, Multifamily

CBRE Capital Markets, Los Angeles, secured $102.7 million for office and multifamily assets in California and Arizona.

In Cupertino, Calif., CBRE secured $45 million in long-term financing for Torre Plaza, an 88,580-square-foot institutional-quality office building.

Shawn Rosenthal, Executive Vice President with CBRE Capital Markets, secured the loan for Harbor Group International LLC, Norfolk, Va., which acquired the three-story property on 4.2 acres. JPMorgan, New York, supplied the 10-year interest-only loan. leases the entire property.

“The combination of a AA- credit rated tenant, strong and active sponsorship group and the healthy Cupertino office market led to heated competition for this loan from the financing markets,” Rosenthal said. “The end product was an aggressively priced 10-year interest-only loan,” Rosenthal said.

The Registry San Francisco reported River Rock Real Estate Group, Newport Beach, Calif., acquired the asset in 2011 for $32.7 million.

In Phoenix, CBRE secured $57.7 million for a 576-unit, Class B+ apartment community.

CBRE Vice Chairman Rocco Mandala, Senior Production Analyst Anthony Valenzuela and Production Analyst Dominique Damerell secured the seven-year loan with three years of interest-only payments for a Security Properties-Pacific Life Insurance Co. joint venture. Freddie Mac, McLean, Va., provided the loan at a 67 percent loan-to-value ratio.

“Freddie Mac’s financing reflected their Multifamily Green Advantage program, which provides better pricing, higher proceeds and energy savings for the borrower after committing to reduce energy or water consumption by at least 15 percent within two years of origination,” Mandala said.

Located at 15801 South 48th Street, the garden-style community delivered in 2000. Nearly 60 percent of the units received a renovation in the past five years.