CBRE Capital Markets’ debt & equity finance group arranged multiple loans totaling more than $1 billion to finance Goldman Sachs & Co. and Greystar’s acquisition of a 27-asset multifamily portfolio. The transactions included 27 individual Freddie Mac loans, featuring a float rate over 30-day LIBOR and seven-year terms.
A joint venture of Goldman Sachs and Greystar bought the portfolio from Equity Residential for $1.5 billion, or approximately $187,000 per unit. The transaction will be closed and funded in two stages: February 12 and in late March.
The portfolio involves assets in eight markets throughout the country and containing 8,010 units. The buildings are located in Phoenix, Southern California, the San Francisco Bay area, Denver, Washington, D.C., Orlando, Fla., South Florida and New Jersey.
CBRE’s Mike Bryant, Jon Wooton, Brad Peters, Jay Wagley, Troy Tegeler, Mitchell Kiffe and Steve Heffner negotiated this transaction.
“This is a great example of a Freddie Mac Multifamily transaction where it all came together: our commitment to timely customer service, our dedication to support rental housing markets nationwide, and our ability to provide financing tools that fund high-quality loans,” said John Cannon, senior vice president of production, marketing and sales with Freddie Mac Multifamily, in a statement. “And CBRE’s leadership and partnership made all this possible.”