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CBRE Arranges $17M in Financing

PHOENIX—CBRE's Capital Markets group announces that it has secured financing on behalf of Real Estate Capital Partners for the financing of Crestone at Shadow Mountain Apartments.

By Kristian Seemeyer | Updated on May 26, 2014

PHOENIX—CBRE’s Capital Markets group announces that it has secured financing on behalf of Real Estate Capital Partners for the financing of Crestone at Shadow Mountain Apartments. Brian Eisendrath with CBRE’s debt and structured finance team arranged a 5-year, full term interest only fixed rate loan of $16,811,000 (60% LTC), which was locked in at an interest rate of 3.30% through Freddie Mac. The 248-unit asset was acquired for $27.2 million ($109,677/unit) from P.B. Bell, who will remain in-place as the property’s management company, and was represented by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE in Phoenix.

RECP’s Current Income Fund provided the equity for Crestone, which will provide investors a strong current rate of return in a high quality, wel- located project.  RECP is a U.S. real estate investment advisor, founded in 1989, whose goal is to create superior risk adjusted returns by investing in U.S. real estate. Investments have consisted of existing and to-be-built apartment, office, industrial, retail and mixed-use properties.

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