August 24, 2016 Comments Off on CBRE Arranges $48.8M Loan for Luxury Temecula MF Complex Views: 613 California News, Inland Empire, West

CBRE Arranges $48.8M Loan for Luxury Temecula MF Complex

CBRE arranged a $48.8-million loan for the acquisition of Cape May at Harveston, a 300-unit, Class A apartment community in Temecula, CA. The 15.3-acre garden-style asset was purchased by Newport Beach, CA-based MIG Real Estate from an undisclosed institutional owner.

The acquisition reflects MIG’s continued efforts to strategically expand its footprint in the region. MIG Real Estate’s Greg Merage says the location in a fast-growing region within one of its most desirable cities is “drawing a younger, high-income demographic that is in search of the ideal community in which to settle down.”

CBRE’s Capital Markets’ debt and structured finance team of Scott Peterson, Bill Chiles and Brian Cruz secured the ten-year floating rate loan. Financing was provided by Fannie Mae.

Moran & Company’s Tom Moran Jr. brokered the acquisition.

Read More at MIG

Connect with MIG’s Merage

Connect with CBRE’s Peterson

For comments, questions or concerns, please contact Dennis Kaiser

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