CBRE Capital Market’s Debt & Structured Finance team has secured $33 million in financing for Chaucer Creek Capital LLC, for the acquisition of 54 Station, a 264-unit newly-built multifamily property located at 1415 East NC Highway 54 in Durham, NC. CBRE’s Charlotte-based Kristen Reilley and Nate Sittema led the capital markets efforts to secure a MF1 bridge loan for the buyer, who plans to construct an additional apartment building. The building will include 24 units and will have the same scope and finishes as the original 11 three-story buildings.
“The community has fantastic accessibility and visibility right along Highway 54 and benefits from close proximity to vibrant shopping and entertainment options, excellent demographics and easy access to the employment nodes of downtown Raleigh, Durham, Chapel Hill and Research Triangle Park,” said Ms. Reilley, vice president at CBRE. “This is the second bridge loan between the sponsor and MF1 over the last few months; we’re very excited to be able to offer this program to our clients.”
Completed in 2018, the community includes amenities such as a resort-style swimming pool with lounge areas, outdoor kitchens with gas grills and a dining area, a fitness center, and a fire pit with lounge seating. Interior finishes feature granite kitchen and bathroom countertops, large kitchen islands, stainless steel appliances, wood-style flooring, walk-in closets and keyless entry with smart thermostats.
MF1 is a mortgage REIT solely-focused on providing capital to the multifamily sector, including bridge loans, preferred equity and special situations on conventional apartments, seniors housing and manufactured housing communities. MF1 has created a new multifamily bridge lending program with CBRE Capital Markets that will allow CBRE’s multifamily platform to source and service bridge loans for MF1 REIT, which is led by several seasoned debt and multifamily professionals at Limekiln Real Estate and Berkshire Group. Berkshire Group has been in the multifamily business for 52 years and has sponsored several multifamily debt businesses. Limekiln’s leaders have built and managed several real estate debt platforms and have extensive experience in multifamily debt.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.
