LOS ANGELES-TIAA-CREF Global Real Estate has refinanced a portfolio of 10 stabilized class A multifamily properties comprising 3,600 units in five states for $273 million via loans that were arranged by the Capital Markets Division at CB Richard Ellis Group. The debt, which was originated through CBRE’s Freddie Mac direct lending platform, refinances properties in Denver, Atlanta, Houston, Scottsdale, AZ and Herndon, VA.

Senior vice president Brian Eisendrath of the Beverly Hills office of CBRE tells GlobeSt.com that the capital markets division secured full-term interest-only for all 10 assets. The refinancing involved 10 loans at terms that included a combination of five-, seven- and 10-year maturities. In addition, "Given the institutional ownership, CBRE was also able to eliminate the requirement for a non-recourse guaranty," Eisendrath says.

Commenting on the refinancing, Eisendrath said, “CBRE was able to leverage its extensive platform by utilizing the local market expertise of its debt, investment sales and asset valuation teams in each market. By accessing real-time market information through these teams, CBRE was able to maximize underwritten values and achieve most favorable terms for TIAA-CREF Global Real Estate.” Eisendrath says the fact that the loans are all interest-only for their full terms also reflects the very strong sponsorship of TIAA-CREF, which is one of the largest institutional real estate investors in the US. “Full-term interest-only is available for institutional sponsors on high-quality assets with sufficient debt service coverage.”

In addition to Eisendrath, the CBRE team that arranged the financing included Justin Arquilla of the company's Beverly Hills office as well as Troy Tegeler and Bethany Bailey of CBRE's Newport Beach office.