CBRE CAPITAL MARKETS ARRANGES $69.6 MILLION MULTIFAMILY LOAN

SUNNY ISLES, FLA; CLIFTON AND NEW MILTON, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged $69.6 million in permanent financing for a three-property multifamily portfolio. The portfolio, which contains a total of 2,276 units, consists of Marina del Mar Apartments in Sunny Isles, Brookchester Apartments in Clifton, N.J., and Richfield Village Apartments in New Milford, N.J. The loan carries a 10-year term, a 10-year amortization schedule, a fixed interest rate and an average loan-to-value of 30 percent. The borrower is the Bruunetti Organization, and the lender is Prudential. Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group joined with Christian Lee and Christopher Apone of the firm's Miami office to arrange the loan.