September 17, 2019
CBRE arranged $128.3 million in financing for five multifamily assets totaling 740 units and spread across three states including California, Arizona, and Colorado. The bank execution, and cash-out refinancing was secured for The Bascom Group.
The California properties included The Square in Downey, Del Flora in Redlands, and Camden in Fremont. The Arizona asset was the Legacy at Prescott Lakes in Prescott, while the Colorado property was 52nd Marketplace in Arvada (pictured).
CBRE’s Brian Eisendrath, Brandon Smith and Annie Rice arranged the financing. Terms included 180bps over 1-month LIBOR for five, uncrossed loans.
CBRE’s Eisendrath says, “We led a full marketing process, which generated a competitive set of lenders bidding on the portfolio. The end result was a new capital provider with aggressive pricing and cash-out proceeds that allowed our client to return capital to their investors.”
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