BOSTON — CB Richard Ellis (CBRE) Capital Markets has arranged a $166.65 million loan for the refinancing of a seven-property apartment portfolio. The borrower is a fund managed by Eaton Vance Management.
The seven properties contain a total of more than 2,100 units. They are located in Riverside, Calif.; Phoenix; Houston; Atlanta; and Alltamonte Springs, Boynton Beach and Pembroke Pines, Fla. The loans were underwritten individually on a non-crossed basis. The debt was originated through Freddie Mac's Capital Markets Execution program. The loans carry 10-year terms and fixed interest rates. Details about the properties were not disclosed.
Paul Donahue of CBRE's Boston office led the team that arranged the financing. He was assisted nationally by CBRE team members Charles Foschini, Robert LaChapelle, Rocco Mandala, Holly Minter and Troy Tegeler.
“CBRE created a stellar team with senior finance professionals located in each market, assisted by investment sales and valuation teams, that provided timely analysis and underwriting to support Freddie Mac in providing attractive debt to the borrower,” Donahue said in a statement.
— Coleman Wood