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Improving Fundamentals Help Pensacola Multifamily Win Refi

PENSACOLA, FL-CBRE'S Chris Apone tells GlobeSt.com's Jennifer LeClairethe loan illustrates an appetite to place loans in non-core markets.

By Jennifer LeClaire | Updated on December 14, 2011

PENSACOLA, FL-Signaling the continued strength of Florida multifamily assets, Hills Apartment Communities just closed on a $6.75 million refinancing deal on its debt on its Carriage Hills Apartments. Carriage Hills is a 260-unit garden style apartment complex.

Financing terms of the loan include a 10-year fixed-rate term, 30-year amortization schedule and loan-to-value of 75%. The lender was Miami Beach-based Archetype Mortgage Capital. Christopher Apone, vice president with CBRE, teamed with CBRE vice chairman Charles Foschini and vice chairman Christian Lee to arrange the financing on behalf of Hills Apartment Communities, working with principal John Sylvester.

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