CBRE Capital Markets’ Business Lending team announced that it has secured a $2.6 million loan for the refinance of a nine-unit multifamily property in Seattle, Washington.
The transaction marks CBRE’s 250th loan under the Freddie Mac Small Balance Loan program, which it joined in April 2015.
Rob Doxsee, vice president, secured a five-year hybrid loan with one year interest-only. The loan was financed at 70% loan-to-value and will be used to pay off existing debt and return capital to the borrowers.
“When the owners first bought the property in 2014, they took the two existing buildings down to the studs and completely rebuilt them,” said Mr. Doxsee. “This new loan amount equals 96% of their total cost in the project, and with the cash they will receive, the borrowers are planning to acquire another property. Currently, they have more than 100 multifamily housing units under construction or rehab around the city.”
The deal brings CBRE’s total small balance loan volume to $615 million in less than a year and a half of production.
“We are tremendously pleased with the quick growth of CBRE’s Small Balance Loan offering,” said Dan Winzeler, managing director, Business Lending, CBRE Capital Markets. “To reach the $600 million mark after launching this effort just over a year ago is a great achievement. We highly value our partnership with Freddie Mac and look forward to continued success in the coming years.”
CBRE Business Lending, a part of CBRE Capital Markets’ Debt & Structured Finance division, specializes in the Freddie Mac Small Balance Loan program, which offers financing from $1 million to $5 million for multifamily properties with five units or more. As an Approved Freddie Mac Seller/Servicer, CBRE Capital Markets provides a dedicated source of multifamily financing to clients nationwide. With specialized debt professionals in every major market, CBRE provided $21.42 billion in apartment financing across the United States in 2015.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website atwww.cbre.com .
