DALLAS — CBRE Capital Market’s Debt & Equity Finance group has arranged multiple loans totaling more than $1 billion to finance the acquisition of a 27-property multifamily portfolio. The properties are located in eight markets across the United States. The first 10 properties closed on February 12 and the rest will close in late March.
CBRE worked on behalf of the borrower, a joint venture between Goldman, Sachs & Co. and Greystar, to arrange the 27 individual Freddie Mac loans. The seven-year loans are non-crossed and float over 30-day Libor. The joint venture purchased the portfolio from Equity Residential for $1.5 billion.
“The acquisition of the EQR portfolio provides Goldman Sachs and Greystar with an incredible value-add opportunity in some of the leading apartment markets in the United States,” says Mike Bryant, vice chairman of CBRE Debt & Equity Finance in Dallas. “The high-end quality of the entire portfolio is something you don’t see every day.”
The portfolio includes a total of 8,010 units, with properties located in Phoenix, Southern California, the San Francisco Bay area, Denver, Washington, D.C., Orlando South Florida and northern New Jersey. Properties that were closed on Feb. 12 include: Windsor Fair Lakes and Ellipse in Fairfax, Va.; Westerly at Worldgate and Townes at Herndon Center in Herndon, Va.; Waterside in Reston, Va.; Stonybrook in Boynton Beach, Fla.; Bella Vista-Phoenix, Sedona Ridge and Sonoran in Phoenix; and Iron Horse Park in Pleasant Hill, Calif.
“This is a great example of a Freddie Mac multifamily transaction where it all came together: our commitment to timely customer service, our dedication to support rental housing markets nationwide, and our ability to provide financing tools that fund high-quality loans,” says John Cannon, senior vice president of production, marketing and sales for Freddie Mac Multifamily.
Mike Bryant led the CBRE team, which included Jon Wooton, Brad Peters, Jay Wagley, Troy Tegeler, Mitchell Kiffe and Steve Heffner. CBRE became a Fannie Mae Delegated Underwriting and Servicing lender in April 2008 and closed more than $6 billion in mortgage loans in 2011, the company says.
— Rachel Goff