Dallas, TX – July 6, 2016 – CBRE Group, Inc. (CBRE), through its FHA lending platform, announced today the successful refinancing of Rochelle Plaza, a market-rate apartment community located in Irving, Texas. The $6,744,000 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 Rochelle Plaza, a 120-unit Class B garden-style apartment complex with 40 one-bedroom units, 64 two-bedroom units and 16 three-bedroom units. Constructed in 1978, the project is located in Irving (Dallas County), just a half mile north of Highway 183 and 10 miles northwest of downtown Dallas.
The financing of Rochelle Plaza Apartments 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 Rochelle Plaza Associates, Ltd. said, “This is our 23rd year with CBRE representing us as our mortgage bankers. For the third time in eight months, 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 accomplishing all of our partner's goals. CBRE again 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 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
