(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
PORTLAND, OR-CBRE Capital Markets’ Portland office arranged a $155 million refinancing for nine properties—a total of 2,184 units—located throughout the Seattle area. The refinancing is through Freddie Mac’s CME program, on behalf of INVESCO and the Holland Partner Group. CBRE Capital Markets EVP Jim Rice and VP Nick Santangelo set up the deal.
The properties will be financed by a seven year fixed-rate term with two years of interest-only, followed by a 30-year amortization.
The Seattle-area portfolio consists garden style apartments, which the borrower acquired between 2004 and 2005. Average occupancy a the properties—located in Lynnwood, Everett, Kent, Tumwater, Renton and University Place—was at 95% at the time of the refinancing.
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