CBRE’s CapitalOrlando group has secured permanent, fixed-rate financing totaling $112.8 million on behalf of Abbey Residential LLC to refinance three apartment assets in Texas. CBRE Senior Vice President Glenn Housman, MAI, led the team providing representation to Abbey Residential.
The fixed rate mortgages were rate locked and closed simultaneously as separate transactions. Terms were 75 percent to 80 percent LTV, sub 4 percent fixed rates on 10-year loan terms, including three years interest only, 30-year amortization schedules, and DSC ratios in the 1.35–1.40x range. The loans were arranged via Freddie Mac’s CME program.
“My team was extremely pleased with the flexibility and responsiveness Freddie Mac delivered in bringing these transactions to fruition for our client,” Housman said in a statement.
Frank Barefield, president of Abbey Residential, praised the performance of CBRE in a statement: "Glenn and his team tirelessly followed each aspect of this complicated transaction and successfully addressed every problem that arose to make sure we received all the loan proceeds and terms we were expecting. I could not have asked for better representation."
Abbey on Lake Wyndemere, a 360-unit class-A institutional gradeproperty, was built in 2009 and is situated on approximately 25 acres in The Woodlands, Texas. The property features high-end interior finishes, an 11,000-sq.-ft. amenity center with state-of-the-art fitness equipment, private attached garages and a private stocked lake for fishing.
Abbey at Grande Oaks is a 261-unit class-A community built in 2009 in San Antonio, Texas. Located on approximately 10 acres, the property features a 12,000-sq.-ft. amenity center, covered walkways, a two-story parking facility and high-end interior finishes throughout the units.
Abbey at Eldridge, located in Houston, Texas, was built in 1983 and completed $11.5 million in renovations in 2009. The 760-unit property boosts four swimming pools, five laundry facilities and a state-of-the-art fitness center, and offers 12 floor-plan options.