REBusinessOnline

CB RICHARD ELLIS ARRANGES $11.55 MILLION LOAN

RALEIGH, N.C. — CB Richard Ellis Capital Markets has secured a $11.55 million loan for a Delaware Statutory Trust to finance the acquisition of Midtown Crossing. The 228-unit Raleigh apartment complex encompasses 11 buildings, a swimming pool, a picnic area and a children’s play area on 23 acres. The borrower’s plans for the property include unit upgrades and $200,000 in exterior renovations. Freddie Mac financed the 7-year loan, which comes with an interest-only rate of 3.63 percent and a 30-year amortization. Keith Braddish, Jason Gaccione, Robert LaChapelle, Richard Jordan, Matt Forgione and Steve Heffner of CB Richard Ellis Capital Markets arranged the loan.

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