Finance W Minnesota

CBRE team closes more than $52 million in financing in November

CBRE team closes more than $52 million in financing in November,ph01

Joel Torborg and Ben Bastian of CBRE Minneapolis’s Debt and Structure Finance team arranged more than $52.3 million in SBL financing across 22 properties with 672 units in the month of November. Included within that total were two large multifamily portfolios in the popular Uptown and Eat Street neighborhoods of Minneapolis.

Individual loans sizes ranged from $974,000 to $5.778 million.

“Freddie Mac’s Small Balance Loan program has proven to be an excellent fit for many of our clients who are looking to either acquire or refinance large portfolios made up of smaller multifamily properties. While the portfolios deals were split up into individual loans for each property, we were able to close simultaneously, achieve better pricing and significantly reduce closing costs for each loan” said Joel Torborg.

Freddie Mac’s Small Balance Loan offering provides a competitive option for loans between $1 million and $7.5 million on multifamily properties of 5 units or more. The flexible loan offering provides financing solutions with both hybrid ARM and fixed-rate products with 30-year amortization, available interest only and up to 80% LTV in most markets, which includes the Twin Cities MSA.