CBRE arranges $26.8M acquisition financing for apartment property
August 24, 2010 | Staff Writer | Print Article | Email this Article
CB Richard Ellis’ Chicago Capital Markets Debt & Equity Finance group secured a long-term fixed-rate first mortgage totaling $26.8 million to finance the acquisition of Valley Creek Apartments, located at 1707 Century Circle, Woodbury, Minn.
The seven-year loan, which featured two years interest-only followed by a 30-year amortization schedule, was arranged through Freddie Mac.
CBRE’s Pete Marino, Jesse Karasik, John Clifford and Doug Seylar represented Trilogy Real Estate Group of Chicago. Trilogy acquired the 402-unit garden style apartment community from LaSalle Investment Management.
“The ability to acquire an institutional quality asset with attractive financing provides us with excellent current cash flow as well as an opportunity to add value through physical upgrades and management efficiencies,” said Jeff Katz, vice president-acquisitions, Trilogy Real Estate Group.
”To close on the transaction in less than 45 days in this environment required a team effort on all sides, from the buyer, seller and lender. The speed of execution combined with the competitive all-in interest rate made the transaction a win-win for all sides,” commented Pete Marino, senior vice president, CBRE Capital Markets.
The loan was funded in conjunction with the acquisition on Wednesday, August 11th, 2010.
Tags | CB Richard Ellis, Chicago, finance, Minnesota, Multifamily, sale, Trilogy Real Estate Group
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