JACKSONVILLE, FL—The Waterford at Mandarin Apartments just won a $27.38 million acquisition loan. CBRE‘s Debt & Structured Finance group arranged the capital on behalf of Harbor Group International.
CBRE vice chairmen Charles Foschini and Christian Lee of CBRE’s capital markets institutional group, along with first vice president Christopher Apone of the firm’s debt & structured finance group, collaborated on the deal. Freddie Mac provided the seven-year loan with interest-only payments for two years at an aggressive floating interest rate and 75% loan-to-value ratio.
“Working through CBRE, this loan demonstrates the commitment Freddie Mac has to its select clients in providing both speed and certainty of execution along with cutting-edge business terms,” says Foschini. “In this historically low interest rate environment, the cap arm allows for an immediate and high cash-on-cash return to Harbor Group International’s investors, while providing a ceiling should interest rates rise for any unforeseen reason.”
The Waterford at Mandarin is a 232-unit multifamily property at 11247 San Jose Boulevard in the Mandarin submarket of Jacksonville, FL. Completed in 1990, the multifamily asset features one-, two- and three-bedroom units averaging 1,065 square feet. The apartment community is just outside the Interstate 295 Beltway on San Jose Boulevard, a major thoroughfare between Saint Johns County and Downtown Jacksonville.