CBRE’s Capital Markets Debt & Structured Finance team has secured $42.1 million in permanent financing for The Madison Belmont, a 198-unit garden style apartment complex in Belmont, California.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco, California, office arranged the financing on behalf of The Prime Group. Financing was provided by Freddie Mac.
Mr. Behrens commented, “Our client was able to take advantage of a very favorable financing market prior to the rise in treasury yields and investor spreads that will further enhance the desirability of this asset.”
Located at 649 Old Country Road, the 176,200-square-foot complex contains eight three-story buildings. Renovated in 2008, property amenities include two sminning pools, fitness center, sauna and a children’s play area. The comunity is well positioned in the market for young professionals, families and elders.
The Madison Belmont is conveniently located near highways 101 and 280—providing residents with unparalleled highway access to employment and recreation centers in San Mateo, San Francisco, Santa Clara and Alameda counties. The property is less than one mile from the Belmont Cal-Train station, which offers service to locations from San Francisco into San Jose.
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 2014 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.