Jacksonville, FL – August 26, 2014 – (RealEstateRama) — CBRE’s Debt & Structured Finance group has secured a $27.38 million loan for the acquisition of The Waterford at Mandarin Apartments, a 232-unit property at 11247 San Jose Boulevard in the Mandarin submarket of Jacksonville, FL. CBRE arranged the loan on behalf of Harbor Group International of Norfolk, VA. Freddie Mac provided the seven-year loan with interest-only payments for two years, at an aggressive floating interest rate and 75% loan-to-value ratio.
“Working through CBRE, this loan demonstrates the commitment Freddie Mac has to its select clients in providing both speed and certainty of execution along with cutting-edge business terms,” said CBRE Vice Chairman Charles Foschini. “In this historically low interest rate environment, the cap arm allows for an immediate and high cash-on-cash return to Harbor Group International’s investors, while providing a ceiling should interest rates rise for any unforeseen reason.”
Completed in 1990, The Waterford at Mandarin features one-, two- and three-bedroom units averaging 1,065 square feet. Community amenities include two pools, racquetball and tennis courts, a laundry center, playground, fitness center, dog park and sand volleyball court.
Just outside the I-295 Beltway, the asset is situated on San Jose Boulevard, a major thoroughfare between St. Johns County and Downtown Jacksonville that is also home to major shopping, entertainment and dining destinations.
Vice Chairman Christian Lee of CBRE’s Capital Markets Institutional Group and First Vice President Christopher Apone of CBRE’s Debt & Structured Finance group collaborated with Foschini in arranging the loan.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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