CBRE Arranges $29M Loan

PHOENIX—CBRE San Diego’s Debt & Structured Finance Group has arranged a $29 million loan on behalf of The Premiere Residential Communities for the refinancing of San Marbeya Apartments. San Marbeya is a 276-unit, Class A, luxury rental community located at 1720 E. Broadway in Tempe, less than a mile from Arizona State University. CBRE secured a 7-year loan through Cornerstone RE Advisers with a 3.85% fixed rate and 66% loan-to-value ratio.

Developed by Mark-Taylor in 2004, San Marbeya features design elements with lush courtyards and community areas that include a fitness studio, internet café, resort-style swimming pool with a waterfall, spa, poolside ramada, gas barbecue grills and a dog park. Interior features include nine-foot ceilings, fully equipped kitchens with cherry wood cabinets, cultured marble vanities and private patios and balconies.