Dallas, TX – May 31, 2016– CBRE Group, Inc. (CBRE), through its FHA lending platform, announced today the successful refinancing of Creekwood Place, a market rate apartment community located in Lancaster, TX. The $13,680,000 loan was funded through HUD’s Section 223(f), providing a 35-year, fully-amortizing, fixed rate and non-recourse loan structure.
The loan will finance the rehabilitation of Creekwood Place, a 200-unit Class B garden-style apartment complex with 176 two-bedroom units and 24 three-bedroom units. Constructed in 1997, the project is located in Lancaster, TX (Dallas County), just 0.3 miles east of Interstate 35E and 16 miles south of downtown Dallas.
The financing of Creekwood Place was originated by Chad Ricks, Senior Vice President and Jeff Shaw, Senior Vice President in CBRE’s Dallas office.
Stephanie McFadden, Managing Director, said, “We are pleased to provide this FHA long-term, fixed rate, fully amortizing loan at a historically low interest rate. This loan offers excellent financing that includes capital improvements to the property.”
Bob Bourgeois of Creekwood Place Limited Partnership II said, “This is our 23rd year with CBRE representing us as our mortgage bankers. This time Chad Ricks and the entire team at CBRE did an outstanding job for us from pre-application to closing. This series of financings will assist us in settling one of our partner’s estate. They achieved a new low for us with our 35-year fixed interest rate.”
CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.
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 (in terms of 2015 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
