DALLAS—CBRE Capital Markets' Debt & Equity Finance group recently arranged multiple loans exceeding a total of $1 billion to finance the acquisition of a portfolio of 27 multifamily assets located in eight markets across the US. The portfolio will be closed and funded in two stages: Feb. 12 and in late March.
CBRE worked exclusively on behalf of the borrower, a joint venture between Goldman, Sachs & Co. and Greystar, to arrange the 27 individual Freddie Mac loans. The seven-year, loans are non-crossed and float over 30-day Libor.
Goldman and Greystar purchased the portfolio from the seller, Equity Residential, for $1.5 billion, or approximately $187,000 per unit.
“The acquisition of the EQR portfolio provides Goldman Sachs and Greystar with an incredible value-add opportunity in some of the leading apartment markets in the United States. The high-end quality of the entire portfolio is something you don't see every day,” said Mike Bryant, vice chairman of CBRE Debt & Equity Finance in Dallas.
The portfolio encompasses a total of 8,010 units, with properties located in Phoenix, Southern California, the San Francisco Bay Area, Denver, Washington, DC, Orlando, South Florida and northern New Jersey.
"This is a great example of a Freddie Mac Multifamily transaction where it all came together: our commitment to timely customer service, our dedication to support rental housing markets nationwide, and our ability to provide financing tools that fund high-quality loans,” says John Cannon, SVP of production, marketing and sales, Freddie Mac Multifamily. “And CBRE's leadership and partnership made all this possible."
Mike Bryant led the CBRE team that included Jon Wooton, Brad Peters, Jay Wagley, Troy Tegeler, Mitchell Kiffe and Steve Heffner.
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