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


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


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


In addition to Eisendrath, the CBRE team that arranged thefinancing included Justin Arquilla of the company's Beverly Hillsoffice as well as Troy Tegeler and Bethany Bailey of CBRE's NewportBeach office.

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