San Cervantes Apartments Gets $47M Refi

CHANDLER, AZ-CBRE San Diego‘s debt and equity finance group has arranged a $47.3-milllion on behalf of the Premiere Residential for the refinancing of San Cervantes Apartments, a 376-unit, class-A, luxury rental community at 400 N. Coronado St. here. The firm secured a 10-year loan through Freddie Mac with a 3.72% fixed rate and 70% loan-to-value ratio.

Built in 2001, San Cervantes is adjacent to Chandler Fashion Center regional mall and features a resort-style swimming pool with a sand beach area and poolside cabanas, spas, saunas, tennis and volleyball courts, an all-hours fitness center and a clubhouse overlooking fountains. According to CBRE’s Barry Petro, who arranged the transaction, the community is a typical example of the borrower’s properties.