DALLAS, TX – May 26, 2016 – CBRE Group, Inc. (CBRE), through its FHA lending platform, announced today the successful refinancing of Westpoint at Scenic Vista, a market rate apartment community located in Fort Worth, TX. The $25,164,600 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 Westpoint at Scenic Vista, a 264-unit Class A garden-style apartment complex with 132 one-bedroom units and 132 two-bedroom units constructed in 2008. The project is in Fort Worth, TX (Tarrant County) and is conveniently located on the east side of W. Loop 820 South Frontage Road and Deerbrook Drive, 10 miles west of downtown Fort Worth with easy access to I-30 and I-820.
The financing of Westpoint at Scenic Vista was originated by Chad Ricks, Senior Vice President. Stephanie McFadden, Managing Director, said, “We are pleased to provide this fixed rate, long-term FHA insured loan to facilitate capital improvements while taking advantage of historically low interest rates.”
Robert Corry of Westpointe Apartments, LLC said, “Chad Ricks and CBRE did a great job in closing our HUD refinance. It is a complicated loan process and Chad and the CBRE team were very knowledgeable and responsive from our first contact to the loan’s closing. This 35-year fixed rate loan will add long term stability to our family’s multi-family asset."
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.
