HOUSTON--CBRE Capital Markets' Debt & Structured Finance team has arranged $111 million in refinancing for a 1,254-unit, three-property multifamily portfolio in Houston.

The properties included in the transaction are:

• The Abbey at Barker Cypress, located at 1760 Barker Cypress Road;
• The Abbey at Enclave, located at 1910 Westmead Drive; and
• The Abbey at Briargrove, located at 1202 Seagler Road.

Glenn Housman of CBRE's Orlando, FL, office arranged the financing on behalf of the borrower, Abbey Residential LLC. The loans were underwritten individually and were originated through Freddie Mac's Capital Markets Execution program. The seven-year loans with fixed interest rates of approximately 3.75 percent included all-or-nothing pricing based on 80 percent loan-to-value (LTV) ratio.

"We were very pleased with the proactive and flexible manner in which Freddie Mac's production and credit teams worked with us to bring this complicated higher leverage portfolio to fruition," Housman, senior vice president, Debt & Structured Finance, CBRE Capital Markets, told GlobeSt.com.

"Glenn did a great job for us in financing these properties on terms that will provide excellent cash flows to us over the loan term," says Frank Barefield, president of Abbey Residential. "He was right on target with his underwriting and these transactions are just three more in a long line of successful refinancings he has accomplished for us. It gives me a great deal of confidence to have Glenn and CBRE in our corner."

Instant Insights /

CBRE Refinances Houston Portfolio

Related Stories

Recommended For You