Brian Eisendrath, Ross Moore and Brandon Smith of CBRE's Beverly Hills office arranged the financing on behalf of Los Angeles-based Gelt, Inc. Freddie Mac provided the 10-year, fixed-rate loans, with five years interest-only. The loans financed the acquisition and Gelt will perform additional capital improvements on the interior units and common areas.
“Given Gelt's long-term strategy in secondary growth markets, 10-year debt with maximum interest-only will allow them to execute on their business plan by providing solid cash-on-cash returns to their investors,” said Eisendrath. “Given the volatility in the capital markets, we were able to navigate the new mandates and provide the best terms possible.”
“Brian and his team deliver results. Their customer service, product knowledge and attention to detail were second to none from start to close,” said Keith Wasserman, co-founder, Gelt, Inc.
Miller Estates is currently 97% occupied. Features include a man-made lake, a historic house that serves as the leasing office, and staggered elevations throughout the property. The property is located 10 miles south of downtown Salt Lake City and has direct access to the Van Wrinkle Expressway and interstates 15 and 80.
Layton Meadows is currently 100% occupied. The garden-style community is located by the intersection of Hill Field Road and Interstate 15, near a variety of shopping, restaurants, and entertainment destinations, as well as the Layton Hill Mall, with more than 120 retailers including Macy's, Dick's Sporting Goods, and Cinemark Tinseltown Theatre.