August 24, 2016
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.
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