Los Angeles – June 13, 2016 – CBRE Capital Markets has funded a $4.8 million loan for the refinancing of The Parkview Apartments, an 80-unit garden apartment community located in Fremont, California. The loan was executed under CBRE’s Freddie Mac Small Balance Loan (SBL) program.
John Nelson and Erik Franks of CBRE’s San Francisco office secured the 10-year, fixed-rate loan on behalf of the borrower, Terracommercial Inc.
“Terracommercial selected our small balance loan program due to the low cost of execution for the SBL product, great terms—including interest-only—and certainty of close; all which were important to this very valuable customer,” said Mr. Nelson. “Additionally, the borrower recently had a difficult and costly experience with a CMBS lender and was sensitive to high loan costs. Our small balance loan program was a natural fit.”
CBRE is a Freddie Mac Small Balance Seller/Servicer offering highly competitive rates, low closing costs, and a streamlined closing process. CBRE is also the #1 Freddie Mac Program Plus Seller/Servicer. Since joining the Freddie Mac Small Loan Balance program in April 2015, CBRE has closed more than $350 million in small balance loans.
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.