San Antonio, TX – August 24, 2011 – (RealEstateRama) — Led by the Miami Capital Markets team in partnership with the San Antonio office, CBRE arranged the loan refinance on Promontory Pointe, a 596-unit apartment community in San Antonio, Texas, on behalf of Advenir@Promontory, LLC, a Florida-based owner of multihousing communities. Financing terms of the $39,761,000 loan include a 10-year term, an aggressive interest rate, with an extended interest-only financing period at an 80% loan-to-value ratio.
Located at 4114 Medical Drive, the property is positioned at the epicenter of the medical corridor and higher education universities. Promontory Pointe was built in 1995 and features large floor plans with panoramic views of the community, state-of-the-art amenities, as well as two resort swimming pools and two tennis courts.
Charles J. Foschini, vice chairman of CBRE’s Debt & Equity Finance and Institutional Group and team members, Christian R. Lee and Christopher Apone located in CBRE’s Miami office, along with Tracy Kennedy with the Debt & Equity Finance group in CBRE’s Austin office, arranged the financing through Freddie Mac on behalf of Advenir@Promontory, LLC.
CBRE Capital Markets is consistently among the top three Freddie Mac seller/servicers each year and was number one in 2010.
Founded in 1996, Advenir is a premier provider of multi-family real estate investment and management services. Advenir, Inc. and its subsidiary Advenir Real Estate Management, Inc. own and manage a total real estate portfolio valued at over $350 million.
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CB Richard Ellis 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 firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis 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 Web site at www.cbre.com.