CBRE Capital Markets' Debt and Structured Finance Group has arranged $11,962,000 in new financing through the Freddie Mac Small Balance Loan program.
The Minneapolis-based Debt and Structured Finance team of Joel Torborg, Ben Bastian, Mark Roos and Jessica Burke represented five borrowers in refinancing rental properties over the last month.
CBRE Capital Markets was the top Freddie Mac Multifamily Small Balance Loan (SBL) seller in 2017, with a record $1.27 billion in SBL mortgages sold to the agency.
"In this volatile interest rate environment, working with CBRE and the Freddie Mac SBL Program helps borrowers take the interest rate risk off the table by locking the interest rate at time of application, compared to several lenders who lock the interest rate days before closing," said Mr. Bastian, Vice President. "We've seen this benefit borrowers greatly as the 10-year US Treasury yield is up approximately 50 basis points since the start of 2018."
Recently Closed Freddie Mac Small Balance Loan Transactions
Mr. Torborg represented 5-22ND LLC, an affiliate of Maven Real Estate Partners, in securing a $2,238,000 loan for the 22nd Street Apartments. The property is a 19 -unit, garden-style apartment project located at 15 22nd Street West in Minneapolis recently renovated in 2017.
In addition, Mr. Torborg represented 2901 James LLC, another affiliate of Maven Real Estate Partners, in securing a $1,978,000 loan to refinance the 2901 James Apartments. Located at 2901 James Avenue in Minneapolis, the 13-unit building was renovated in 2017 shortly after acquisition resulting in higher average rents.
Mr. Bastian arranged a $4,010,000 loan for Portia LLC, an affiliate of EIG Property Management, to refinance the Parklawn Apartments. Located at 1270 Magnolia Avenue in St. Paul, the Parklawn Apartments is a 62-unit apartment complex built in 1962.
In another transaction for EIG Property Management, Mr. Bastian secured a $2,736,000 loan on behalf of Miranda LLC to refinance three of the five buildings and acquire the remaining two assets making up the 7th Street Apartments, a 55-unit apartment complex on 7th Street East in St. Paul.
Mr. Bastian also represented Humboldt Square Ventures, LLC, a new Freddie Mac SBL borrower, in securing a $1,000,000 loan to refinance the Humboldt Square Apartments, an 18-unit apartment building in Brooklyn Center, MN.
The Minneapolis-based Debt and Structured Finance team of Joel Torborg, Ben Bastian, Mark Roos and Jessica Burke represented five borrowers in refinancing rental properties over the last month.
CBRE Capital Markets was the top Freddie Mac Multifamily Small Balance Loan (SBL) seller in 2017, with a record $1.27 billion in SBL mortgages sold to the agency.
"In this volatile interest rate environment, working with CBRE and the Freddie Mac SBL Program helps borrowers take the interest rate risk off the table by locking the interest rate at time of application, compared to several lenders who lock the interest rate days before closing," said Mr. Bastian, Vice President. "We've seen this benefit borrowers greatly as the 10-year US Treasury yield is up approximately 50 basis points since the start of 2018."
Recently Closed Freddie Mac Small Balance Loan Transactions
Mr. Torborg represented 5-22ND LLC, an affiliate of Maven Real Estate Partners, in securing a $2,238,000 loan for the 22nd Street Apartments. The property is a 19 -unit, garden-style apartment project located at 15 22nd Street West in Minneapolis recently renovated in 2017.
In addition, Mr. Torborg represented 2901 James LLC, another affiliate of Maven Real Estate Partners, in securing a $1,978,000 loan to refinance the 2901 James Apartments. Located at 2901 James Avenue in Minneapolis, the 13-unit building was renovated in 2017 shortly after acquisition resulting in higher average rents.
Mr. Bastian arranged a $4,010,000 loan for Portia LLC, an affiliate of EIG Property Management, to refinance the Parklawn Apartments. Located at 1270 Magnolia Avenue in St. Paul, the Parklawn Apartments is a 62-unit apartment complex built in 1962.
In another transaction for EIG Property Management, Mr. Bastian secured a $2,736,000 loan on behalf of Miranda LLC to refinance three of the five buildings and acquire the remaining two assets making up the 7th Street Apartments, a 55-unit apartment complex on 7th Street East in St. Paul.
Mr. Bastian also represented Humboldt Square Ventures, LLC, a new Freddie Mac SBL borrower, in securing a $1,000,000 loan to refinance the Humboldt Square Apartments, an 18-unit apartment building in Brooklyn Center, MN.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.