CHANDLER, AZ-CBRE San Diego's debt and equity finance group has arranged a $47.3-milllion on behalf of the Premiere Residential for the refinancing of San Cervantes Apartments, a 376-unit, class-A, luxury rental community at 400 N. Coronado St. here. The firm secured a 10-year loan through Freddie Mac with a 3.72% fixed rate and 70% loan-to-value ratio.
Built in 2001, San Cervantes is adjacent to Chandler Fashion Center regional mall and features a resort-style swimming pool with a sand beach area and poolside cabanas, spas, saunas, tennis and volleyball courts, an all-hours fitness center and a clubhouse overlooking fountains. According to CBRE's Barry Petro, who arranged the transaction, the community is a typical example of the borrower's properties.
“The Premiere Residential specializes in luxury multifamily communities, and San Cervantes is easily one of the top five class-A properties located in Metro Phoenix,” said Petro in a prepared statement.
The Premiere, based in San Diego, owns eight multifamily properties in the Metro Phoenix area, all of which are managed by Mark-Taylor Residential Inc. The firm has developed and managed more than 1,500 apartment units in Southern California since its inception in 1983 and currently operates more than 750 class-A apartments in San Diego and more than 2,800 class-A units in Phoenix.
As GlobeSt.com previously reported, in November Kevin Mulhern, Rachel Parsons and Dixie Hall of CBRE San Diego began representing seller OliverMcMillan in the offering of the Lofts portfolio for sale in San Diego. The portfolio consists of three high-end mixed-use communities that OliverMcMillan developed between 2006 and 2010.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
