According to CBRE Melody, financing was arranged through FreddieMac's Light Rehab Program on behalf of Advenir@Foxmoor LLC. Thedeal has a loan-to-value ratio approaching 90% and features aseven-year term with interest-only payments. Charles J. Foschini,vice chairman, and Christopher Apone, vice president, of CBREMelody's South Florida office, handled the transaction withChristian R. Lee, vice chairman of CB Richard Ellis' institutionalgroup, and W. Tracy Kennedy, vice chairman of CBRE Melody's Austinoffice.

At the time of purchase lastmonth, Will Balthrope, senior director in the Dallas office ofMarcus & Millichap Real Estate Investment Services, reportedAdvenir plans to renovate the infill property and hold it for fiveto seven years. While he said the asset already showed cash flow,according to Foschini, the borrower expects to get markedly higherrents through repositioning the property. Rents for the one- andtwo-bedroom units, which range from 400 sf to 989 sf, are currentlyadvertised at $439 to $789 per month. The property was 94% leasedat the time of sale.

Despite recent headlines about Freddie Mac's problems, Foschinitells GlobeSt.com, there were no obstacles to getting financing."They fully committed and funded this transaction without anyissues whatsoever," he says. "I believe the lender and borroweralike recognized the uniqueness of the location and the abilityunder skillful management to bring the asset to a new class andlevel."