San Francisco – March 7, 2016 – CBRE Capital Markets’ Debt & Structured Finance team secured a $15.5 million loan for the refinancing of Prairie Hills Apartments, a 260-unit apartment community located at 1001 Tramway Boulevard in Albuquerque, New Mexico.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office facilitated the seven-year variable-rate loan on behalf of Prime Residential. The financing was provided by Freddie Mac.
Mr. Behrens stated, “Choosing the Freddie Mac seven-year floating-rate product allowed Prime Residential to refinance the existing debt at a very attractive coupon rate which will provide a strong cash flow stream with the maximum amount of flexibility during the loan term.”
Built in 1985, Prairie Hills is a Class B community with one-, two- and three- bedroom floor plans averaging 840 sq. ft. Select units have been renovated and the new financing will go partly towards upgrading community features. The property is located 1.3 miles north of Interstate 40, which provides convenient access to major employment, retail and recreational amenities across the entire metropolitan area.
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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.