CBRE Arranges $162M Refinance For Arlington VA Multifamily
The Freddie Mac, floating-rate loan was secured for the 825-unit, 17-acre, Crystal City complex.
ARLINGTON, VA – CBRE has arranged $161.5 million in refinancing for the 825-unit multifamily property, Crystal House, on behalf of Roseland Residential Trust, a Mack-Cali company and an investor account advised by UBS Realty Investors LLC.
The seven-year, floating-rate refinancing was secured through Freddie Mac and arranged by the CBRE team of Michael Sherman, Irene Lu, Michael Riccio, Susan Larkin and Anna Pfau.
Situated within Arlington, VA’s Crystal City neighborhood, the 17-acre, multifamily complex is located near the Crystal City metro station and Amazon’s planned HQ2.
“This is among the largest multi-family refinancings to occur completely during the COVID crisis, as lenders have been highly concerned about rent collections and the impact of the resulting economic shutdown,” Sherman stated.
He continued, “Valuation, pricing and loan structures have been all over the spectrum. Compounding the valuation complexity was a December 2019 rezoning and site plan approval that almost doubled the existing density and significantly impacted assessed value.”
