CBRE Capital Markets Arranges $30.1 Million For A 298-Unit Columbia, SC Multifamily Project

CBRE Capital Markets Arranges $30.1 Million In Non-Recourse Construction And Permanent Financing For A 298-Unit Columbia, South Carolina Multifamily Project

COLUMBIA, SC – CBRE Group, Inc., (CBRE) through its FHA lending platform, announced the successful financing of The Atlantic at Parkridge, a to-be-built 298-unit market rate apartment complex in the Irmo area of Columbia, SC.  The loan for the Class A garden apartment project is funded through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) new construction mortgage insurance program providing an interest-only construction period of 22 months with a 40-year, fully-amortizing permanent loan.  The project is located approximately one-quarter mile from the newly constructed Palmetto Health Parkridge Hospital and two miles from the Harbison retail district.  Steve Heffner, Executive Vice President of CBRE Capital Markets, Charlotte, NC office co-originated the loan with Monica Newman, First Vice President of CBRE Capital Markets, Denver, CO office.

The project is sponsored by AVR Realty Company, LLC (PDR), headquartered in New York and Middle Street Partners, LLC headquartered in Charleston, SC.

The design architect for the project is Humphreys & Partners, located in Orlando, FL.  The general contractor is Summit Contracting Group, Inc. of Jacksonville, FL.

Stephanie McFadden, Managing Director of CBRE Capital Markets said, “CBRE is proud to be involved in this project, which will provide needed housing resources for the city of Irmo.” CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.

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 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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 atwww.cbre.com.