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RREEF Takes $103M Out of Four Apartment Assets

DENVER-The investment manager obtains three 10-year mortgages fixed in the high 5% range and one capped seven-year ARM in the low 4% range, according to broker CBRE Capital Markets.

By Brian K. Miller | Updated on October 26, 2009

DENVER-RREEF has secured first mortgage Freddie Mac financing, totaling $103.7 million, with four stabilized apartment properties in Texas, Colorado and Washington, according to CBRE Capital Markets, which arranged the loans. Eric Tupler, Mike Easter and Josh Simon of CBRE’s Denver Office along with Troy Tegeler in the company’s Newport Beach office arranged the transaction.

All four properties are approximately 97% occupied. Three of the properties were used as collateral for 10-year, 60% loans with interest rates fixed at 5.79%. The fourth property was secured with a seven-year Capped ARM that with a starting interest rate of 4.1% and an internal cap of 7%.

The fixed-rate mortgages were for Manchester State Thomas in Dallas; Bay Court at Harbour Pointe in Mukilteo, WA; and Monte Vista Apartments in Littleton, CO. The ARM was for Hardrock Canyon in Austin, TX. The properties were unleveraged at the time of the financing.

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