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CBRE Arranges $31M Loan for Sun Key Apts

WINTER PARK, FL-The Orlando area's apartment sector has turned the corner and some are speculating about new construction in the region in 2011.

By Jennifer LeClaire | Updated on October 07, 2010

WINTER PARK, FL-CB Richard Ellis Capital Markets has arranged $30.7 million in acquisition financing for Sun Key Apartments. The 10-year loan offered 30-year amortization with one year of interest only, a 71% loan-to-purchase price and a “favorable” fixed rate, Charles Foschini, vice chairman of CBRE’s Debt & Equity Finance and Institutional Group, tells GlobeSt.com.

Foschini worked with CBRE team members Christian Lee and Christopher Apone to arrange the financing through Freddie Mac. CBRE’s Investment Properties and Institutional Group listed and sold the asset to Greenwhich, CN-based VIII Sun Key Apartments LLC, an entity with ties to Starwood Capital Group.

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