CBRE Arranges Financing of Apartment Community
Feb 08, 2018 09:38AM ● Published by Kathleen Maris
CBRE Capital Markets’ Debt & Structured Finance team has arranged financing of Veridian Spartanburg, an apartment community of 183 units, in conjunction with two other communities in Kentucky and North Carolina.
Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the floating-rate loan on behalf of Strata Equity Group for acquisition of the property. The loan was funded by Freddie Mac through an expansion of an existing credit facility structured by CBRE.
“The acquisitions further expand the footprint of Strata’s holdings throughout the east coast,” said Peterson, senior vice president, Capital Markets, CBRE. “The firm continues to purchase well-located workforce housing in markets with strong fundamentals and we were excited to be a part of it.”
The property has undergone renovations during the last two years, but still offers some value-add components which the borrower plans on completing. All the properties are in good locations near schools, major retail, transportation corridors, and employment. Unit amenities include granite countertops, stainless steel appliances, fireplaces, plank or hardwood-style flooring, walk-in closets, vaulted ceilings, and washer/dryer hookups. Property amenities include a resort-style swimming pool and a fitness center.