ORLANDO, FL - May 4, 2009 –The Orlando office of CB Richard Ellis is pleased to announce that Dennis Jiménez, (top right photo) Vice President with CB Richard Ellis Capital Markets Group, arranged financing in the amount of $14,050,000 on behalf of a venture between Canadian and Florida-based investors for the acquisition of Stonebrook Apartment Homes, (bottom left photo) located in Sanford, Florida. Terms of the financing included a 10-year loan with 30-year amortization, a fixed-rate of 5.62% and a loan to purchase price of 78%.
"While this transaction closed as originally scheduled, 35 days from the date of application, we still faced a significant issue that required some last-minute technical services.
"While this transaction closed as originally scheduled, 35 days from the date of application, we still faced a significant issue that required some last-minute technical services.
"Nonetheless, we kept our eyes on the ball and all players, including attorneys, third-party consultants, underwriter, buyer and seller worked relentlessly to push the deal across the finish line," said Jiménez.
The borrower chose Freddie Mac's recently introduced Capital Markets Execution (CME) loan program. "The CME product represents Freddie Mac's securitization program with the added benefit of permitting future secondary financing, as well as offering a lower interest-rate than the traditional portfolio execution," sa
id Jiménez.
id Jiménez. "And despite the challenging capital markets, Freddie Mac continues to offer very competitive terms for multifamily loans, both in Florida and nationwide."
Stonebrook Apartment Homes is a 356-unit garden-style apartment community constructed in two phases in 1991 and 2001, with a net rentable area of 352,200 square feet.
For more information, please contact Dennis Jiménez at 407.839.3101
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