San Diego – August 23, 2016 – CBRE Capital Markets’ Debt & Structured Finance team has arranged a $48.8 million loan for the acquisition of Cape May at Harveston, a 300-unit, Class A apartment community in Temecula, California.
Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the aggressively priced, ten-year floating rate loan on behalf of MIG Real Estate. Financing was provided by Fannie Mae.
According to Mr. Peterson, “It continues to be a borrower’s market as interest rates continue to remain low and fundamentals remaining exceptionally strong. This represents a great opportunity for MIG to pick up such high-quality real estate.”
Built in 2006, the garden-style community sits on a 15.3-acre landscaped campus and offers tenants in-demand amenities. Unit features include nine-foot ceilings, full-size washers and dryers, central air conditioning, built-in microwaves, crown molding, expansive walk-in closets, built-in computer desks, linen closets, pantries, patios/balconies with storage closets, stainless steel sinks and attached garages in select units. Community amenities include a heated swimming pool and spa, clubhouse with kitchen, fitness studio, business center, three barbecue areas, gazebo and a playground.
The property is located near public schools, employment centers and shopping, including the 1.2-million-square-foot Promenade Mall. The city of Temecula is known for its award-winning public schools, safe neighborhoods and exceptional amenities.
MIG Real Estate, through multiple investment vehicles, owns and operates a diverse portfolio of properties throughout the Western United States. Currently the firm is engaged in an aggressive expansion strategy, seeking investment opportunities in hospitality, retail, office, industrial/flex and multifamily product types throughout the Western United States. MIG Real Estate focuses primarily on value added and opportunistic investments.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
