CBRE Capital Markets secures $75.3 million in financing for six-property multifamily portfolio in the Carolinas
June 14, 2016
CBRE Capital Markets’ Debt & Structured Finance team has arranged $75.3 million in financing for the acquisition of a six-property, 1,520-unit multifamily portfolio located in North Carolina and South Carolina.
The properties included in the transaction are:
• Chason Ridge, located at 600 Scotia Lane, Fayetteville, North Carolina; 252 units.
• Forestbrook, located at 2805 Shadblow Lane, West Columbia, South Carolina; 180 units.
• Gable Hill, located at 310 Ross Road, Columbia, South Carolina; 180 units.
• Hampton Greene, located at 500 Gills Creek Parkway, Columbia, South Carolina; 304 units.
• St. Andrews Commons, located at 1340 Longcreek Road, Columbia, South Carolina; 336 units.
• Waterford, located at 1340 Longcreek Road, Columbia, South Carolina; 268 units.
Steve Heffner, Nate Sittema, and Kristen Reilley of CBRE’s Charlotte office arranged the financing on behalf of Middle Street Partners. The 10-year, fixed-rate loans were provided by Freddie Mac.
“Five out of the six properties are located in Columbia, a stable multi-family market that is very familiar to Middle Street Partners,” Reilley said. “This acquisition presented a perfect opportunity to acquire assets that are consistent with Middle Street Partner’s strategic focus, and the Freddie Mac financing created the best option to generate yield for their investors.”
The Class B, garden-style apartment complexes are conveniently located near major interstate systems and employment hubs, and provide affordable living options for all employment income brackets. With no immediate plans for renovations, the units will remain attractive housing options within a diverse and stable economy including government, education, insurance, financial services and healthcare.
In 2015, the Columbia market absorption of 800 units was in line with the total new deliveries of 952 units. The overall Columbia market has 2,995 units under construction and 1,936 units proposed. The majority of the new supply remains focused in the Downtown Columbia submarket and primarily consists of Class A+ communities allowing the properties in the portfolio to differentiate themselves .
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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
