CBRE COMPLETES $70 MILLION WORTH OF FINANCING

JACKSONVILLE, FLA.; SANFORD, FLA.; MARGATE FLA. AND MIAMI —
CB Richard Ellis Capital Markets arranged financing totaling approximately $70 million for several multifamily properties in Florida. In Jacksonville, acquisition financing in the amount of $11.9 million was arranged for the 240-unit Vintage at Planation Bay. Terms of the fixed rate financing include a 7-year term, 30-year amortization and 71% loan-to-value. In Sanford, acquisition financing in the amount of $24.7 million was arranged for the 362-unit Plantation Lakes.Terms of the fixed rate financing include a 7-year term and 30-year amortization. In Margate, supplemental financing in the amount of $2.99 million was secured for the 280-unit Lakes of Margate. In Miami, bridge financing in the amount of $30 million was secured for the 324-unit Terrazas River Park Village. Terms of the floating rate financing include a 2-year term and interest only. All deals were completed by Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group and Christian Lee and Christopher Apone of CBRE's Miami office.