CBRE Debt & Structured Finance originated $8.3 million in supplemental financing for Advenir @ Castle Pines, LLC, a subsidiary of a real estate investment company headquartered in Aventura, Florida that acquires and operates multifamily rental properties throughout the U.S.
Freddie Mac provided the second mortgage for Advenir at Castle Pines Apartments in Castle Pines, Colorado. “Freddie Mac continues to shine in the world of multifamily finance,” said CBRE Vice Chairman Charles J. Foschini. “Having added value through operations and physical enhancements to the property, Advenir benefited again from Freddie Mac’s second mortgage program which allows an astute borrower to go back to the original lender and harvest equity during their ownership. Only the agencies have this special feature built into their base loan agreement.”
Built in 2002, the 356-unit luxury apartment community at 520 Dale Court in Castle Pines spans 384,702 sq. ft. in one of the most prestigious areas of the metropolitan Denver area. The property features a swimming pool, heated spa, clubhouse with large screen TV and full kitchen, billiards table and fireplace, business center and conference room, 24-hour fitness center, and private double and single car garages.
The loan was led by Charles J. Foschini in collaboration with his partners Christopher Apone and Christian Lee of CBRE Capital Markets.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors