MIAMI—Despite some challenging circumstances, River Oaks Apartments, a 199-unit multifamily property in Miami, has won a $31 million refi. CBRE's Debt & Structured Finance Group arranged the loan on behalf of the owner, AP SC River Oaks LLC.

Redwood Commercial Mortgage Company, a division of CA-based Redwood Trust, provided the financing. According to CBRE, the 10-year loan is partial interest (five years) only closed at an aggressive rate and terms. The deal was done in less than 30 days after AP submitted its paperwork.

“This property is an exceptional multifamily asset along the Miami River at the foot of our exploding health district, “says Charles Foschini, vice chairman with CBRE's Debt & Structured Finance Group. “The leverage that the borrower required to pay off its existing note made for a bit of a challenge as it required a more robust loan than the market is accustomed.”