CBRE Capital Markets Provides $1.8 Million In Non-Recourse Financing For The Plaza Tower Apartments In Concord, Ca

San Francisco, CA – June 22, 2015 – CBRE Group, Inc. (CBRE), through its FHA lending platform, announced today the successful refinancing of The Plaza Tower Apartments, an affordable seniors apartment community located in Concord, CA. The $1,800,000 loan was funded through HUD’s Section 223(f) Program, providing a 35-year, fully-amortizing, fixed rate and non-recourse loan structure.

The loan will refinance existing debt and provide funds for moderate capital improvements to Plaza Tower, a 96-unit 13-story apartment building. Funded improvements include exterior painting, parking and façade repairs, roof replacement and interior upgrades to select units.

Originally constructed in 1987, the property contains 96 one-bedroom units. The property was originally developed with the assistance of the California Housing Finance Agency and the Concord Redevelopment Agency (now City of Concord). As part of the development agreement, the property is restricted to seniors at or above 55 years of age with incomes under 50 and 80 percent of median income. The property is well-located along the east side of Grant Street between Pacheco Street and Salvio Street in downtown Concord; the neighborhood is very walkable and within close proximity to numerous amenities, including a local farmer’s market just across the street.

Plaza Tower is owned by Concord Plaza Tower, Inc., a California non-profit corporation formed in 1985 to provide housing to elderly and handicapped persons in the Concord area. Day-to-day operation of Plaza Tower is trusted to Barcelon Associates Management Corporation, overseen by Plaza Tower’s board of directors.

Dennis Horgan, President of Concord Plaza Tower, Inc.’s Board of Directors stated, “The Board is excited that with the completion of this refinance, we will be able to insure the financial stability of The Plaza Tower for years to come. We appreciate the assistance thatBarcelon Associates Management Corporation and CBRE have provided in making the refinance a reality.”

The financing of Plaza Tower was originated by John Taylor, Senior Vice President of CBRE Debt and Structured Finance in CBRE’s Seattle office. Stephanie McFadden, Managing Director, said, “We are pleased to continue working with this sponsor and FHA to provide a financing solution that will help maintain the long-term viability of this affordable rental property for seniors.” 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 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.

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