Orlando – July 20, 2015 – CBRE Capital Markets’ Debt & Structured Finance team has arranged $111 million in refinancing for a 1,254-unit, three-property multifamily portfolio in Houston, Texas.
The properties included in the transaction are:
The Abbey at Barker Cypress, located at 1760 Barker Cypress Road, Houston, Texas.
The Abbey at Enclave, located at 1910 Westmead Drive, Houston, Texas.
The Abbey at Briargrove, located at 1202 Seagler Road, Houston, Texas.
Glenn Housman of CBRE’s Orlando, Florida office arranged the financing on behalf of the borrower, Abbey Residential, LLC. The loans were underwritten individually and were originated through Freddie Mac’s Capital Markets Execution program. The loan terms included all-or-nothing pricing based on 80% loan-to-value (LTV) ratio, seven-year terms and fixed interest rates of approximately 3.75%.
“My team was extremely pleased with the flexibility and responsiveness Freddie Mac delivered in bringing these transactions to fruition for our client,” said Mr. Housman, Senior Vice President, CBRE Capital Markets. “Freddie Mac’s Early Rate-Lock option provided the borrower an opportunity to take advantage of attractive fixed-rate financing options prior to the announcement of the government-sponsored enterprises (GSEs) volume cap issues in early April, which caused interest rate spreads to increase up to 50 basis points in some instances.”
“Glenn did a great job for us in financing these properties on terms that will provide excellent cash flows to us over the loan term,” said Frank Barefield, President of Abbey Residential. “He was right on target with his underwriting and these transactions are just three more in a long line of successful refinancings he has accomplished for us. It gives me a great deal of confidence to have Glenn and CBRE in our corner.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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