MIAMI—Multifamily is still showing its darling status in the capital markets. Advenir@Banyan just closed a $23.78 million acquisition loan for a 288-unit multifamily community in Boynton Beach, FL.

CBRE Debt & Structured Finance vice chairman Charles J. Foschini, in collaboration with his partners Christopher Apone and Christian Lee of the CBRE Capital Markets in South Florida, represented the borrower. Freddie Mac provided the seven-year loan, which is floating with an 80% loan-to-value ratio, at what CBRE described as “aggressive rates and terms.”

“Advenir is an exceptional value-add buyer and a select borrower for Freddie Mac,” Foschini says. “The loan's extended interest-only period and low floating rate will allow the borrower to both improve the property and recognize immediate cash flow for its investors.”