CHANDLER, AZ-CBRE San Diego's debt andequity finance group has arranged a $47.3-milllion onbehalf of the Premiere Residential for therefinancing of San Cervantes Apartments, a 376-unit, class-A,luxury rental community at 400 N. Coronado St.here. The firm secured a 10-year loan through Freddie Mac with a3.72% fixed rate and 70% loan-to-value ratio.
Built in 2001, San Cervantes is adjacent to ChandlerFashion Center regional mall and featuresa resort-style swimming pool with a sand beach area and poolsidecabanas, spas, saunas, tennis and volleyball courts, an all-hoursfitness center and a clubhouse overlooking fountains. According toCBRE's Barry Petro, who arranged the transaction,the community is a typical example of the borrower'sproperties.
“The Premiere Residential specializes in luxurymultifamily communities, and San Cervantes iseasily one of the top five class-A properties located in MetroPhoenix,” said Petro in a prepared statement.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
