WEST PALM BEACH, FL-CB Richard Ellis Capital Markets has been busy closing deals before the New Year. The group arranged the $36 million sale of Emerald View at Vista Center, a class A, two-building office development in West Palm Beach, and completed a $166.7 million multifamily housing portfolio refinance for Eaton Vance Management.
On the office deal, CBRE represented Procacci Development Corporation, a commercial real estate developer headquartered in Boca Raton. Christian Lee, vice chairman of CBRE's Miami office, along with CBRE South Florida professionals Charles Foschini and Christopher Apone, handled the transaction. KBS Capital Advisors, is a private equity real estate company. Lee did not return calls seeking comment on the deal.
Built in 2007, Emerald View at Vista Center is located in the master planned business park. The 500-acre development, fronting Florida's Turnpike and Okeechobee Boulevard, represents one of the county's largest business parks. Major tenants include Oasis, State Farm and Wells Fargo.
CBRE also closed a multifamily portfolio refi for Eaton Vance. The portfolio consists of seven apartment communities and over 2,100 units located in Riverside, CA, Phoenix, Houston, Atlanta, Pembroke Pines, FL, Altamonte Springs, FL and Boynton Beach, FL.
The seven loans were underwritten individually and on a non-crossed basis. The debt was originated through CBRE's Freddie Mac Seller-Servicer direct lending program. The CBRE team was able to secure 10-year fixed rate loans through Freddie Mac's Capital Markets Execution program.
Senior Vice President Paul Donahue in the CBRE New England Boston office sourced the debt on behalf of the borrower. Also participating in the execution of the refinance were Vice Chairman Charles Foschini, Executive Vice President Robert LaChapelle, Executive Vice President Rocco Mandala, Executive Vice President Holly Minter and Executive Vice President Troy Tegeler.
Donahue says, “CBRE created a stellar team with senior finance professionals located in each market, assisted by investments sales and valuation teams, that provided timely analysis and underwriting to support Freddie Mac in providing attractive debt to the borrower.”
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